H.R.226 - Support Assault Firearms Elimination and Reduction for our Streets Act
To amend the Internal Revenue Code of 1986 to allow a credit against tax for surrendering to authorities certain assault weapons.
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SECTION 1. SHORT TITLE.
SEC. 2. ASSAULT WEAPON TURN-IN CREDIT.
(a) In General- Subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting before section 26 the following new section:CommentsClose CommentsPermalink
‘SEC. 25E. ASSAULT WEAPON TURN-IN CREDIT.
‘(1) IN GENERAL- In the case of an individual who surrenders a specified assault weapon to the United States or a State or local government (or political subdivision thereof) as part of a Federal, State, or local public safety program to reduce the number of privately owned weapons, on the election of the taxpayer there shall be allowed as a credit against the tax imposed by this chapter an amount equal to $2,000.CommentsClose CommentsPermalink
‘(2) YEAR CREDIT ALLOWED- The amount of the credit under paragraph (1) shall be allowed 1/2 for the taxable year during which the assault weapon was so surrendered and 1/2 in the next taxable year.CommentsClose CommentsPermalink
‘(1) WEAPON MUST BE LAWFULLY POSSESSED- No credit shall be allowed under subsection (a) with respect to any specified assault weapon not lawfully possessed by the taxpayer at the time the weapon is surrendered.CommentsClose CommentsPermalink
‘(2) SUBSTANTIATION REQUIREMENT- No credit shall be allowed under subsection (a) for the surrender of any specified assault weapon unless the taxpayer substantiates the surrender by a contemporaneous written acknowledgment of the surrender by the Federal, State, or local governmental entity to which the weapon is surrendered.CommentsClose CommentsPermalink
‘(3) DENIAL OF DOUBLE BENEFIT- The taxpayer may elect the application of this section with respect to only 1 weapon, and if such election is made for any taxable year, no deduction shall be allowed under any other provision of this chapter with respect to the surrender or contribution of the specified assault weapon.CommentsClose CommentsPermalink
‘(L) A semiautomatic rifle or shotgun originally designed for military or law enforcement use, or a firearm based on the design of such a firearm, that is not particularly suitable for sporting purposes, as determined by the Attorney General. In making the determination, there shall be a rebuttable presumption that a firearm procured for use by the United States military or any Federal law enforcement agency is not particularly suitable for sporting purposes, and a firearm shall not be determined to be particularly suitable for sporting purposes solely because the firearm is suitable for use in a sporting event.CommentsClose CommentsPermalink
‘(A) BARREL SHROUD- The term ‘barrel shroud’ means a shroud that is attached to, or partially or completely encircles, the barrel of a firearm so that the shroud protects the user of the firearm from heat generated by the barrel, but does not include a slide that encloses the barrel, and does not include an extension of the stock along the bottom of the barrel which does not encircle or substantially encircle the barrel.CommentsClose CommentsPermalink
‘(B) CONVERSION KIT- The term ‘conversion kit’ means any part or combination of parts designed and intended for use in converting a firearm into a semiautomatic assault weapon, and any combination of parts from which a semiautomatic assault weapon can be assembled if the parts are in the possession or under the control of a person.CommentsClose CommentsPermalink
‘(E) FOLDING OR TELESCOPING STOCK- The term ‘folding or telescoping stock’ means a stock that folds, telescopes, or otherwise operates to reduce the length, size, or any other dimension, or otherwise enhances the concealability, of a firearm.CommentsClose CommentsPermalink
‘(H) THREADED BARREL- The term ‘threaded barrel’ means a feature or characteristic that is designed in such a manner to allow for the attachment of a firearm as defined in section 5845(a) of the National Firearms Act (
26 U.S.C. 5845(a)).CommentsClose CommentsPermalink
‘(d) Termination- This section shall not apply with respect to any weapon surrendered during a taxable year beginning more than 2 years after the date of the enactment of the Support Assault Firearms Elimination and Reduction for our Streets Act.’.CommentsClose CommentsPermalink
(b) Clerical Amendment- The table of sections for subpart A of part IV of subchapter A of chapter 1 is amended by inserting before the item relating to section 26 the following new item:CommentsClose CommentsPermalink