Virginia Tax Department Issues Guidelines on Firearm Safety Device Individual Income Tax Credit

The Virginia Department of Taxation Oct. 31 issued guidelines on the Firearm Safety Device Tax Credit for individual income taxpayers. The guidelines are promulgated under 2023 H.B. 2387. The credit is available for the purchase of one or more locking devices for the storage of a firearm from a federally licensed dealer during the taxable year. The locking devices must be purchased separately from firearms. The maximum credit that can be applied for by any one taxpayer for a taxable year is $300. The total amount of credits granted for a year can’t exceed the annual $5 million credit cap. ...