What is the Virginia Firearm Safety Device Tax Credit?
For taxable years beginning on and after January 1, 2023, but before January 1, 2028, a nonrefundable individual income tax credit is available for up to $300 for the cost incurred for the purchase of one or more firearm safety devices. Only one credit is allowed per taxable year.
A "firearm safety device" is any device that, when installed on a firearm, is designed to prevent the firearm from being operated without first deactivating the device, such as trigger locks, chamber locks and cable locks, etc., or (ii) a safe, gun safe, gun case, lock box, or other device that is designed to be or can be used to store a firearm and that is designed to be unlocked only by means of a key, a combination, or other similar means. Eligible transactions include purchases of a device(s) from a commercial retailer and does not include firearms purchases.
The amount of credit claimed in any single taxable year cannot exceed the individual's liability for that taxable year. Any amount exceeding the taxpayer's liability in the taxable year in which the transaction occurred may be carried over for credit against liability in the next 5 taxable years or until the total amount of the tax credit has been taken, whichever is sooner.
The aggregate amount of allowable credits cannot exceed $5 million per taxable year. Credits will be allocated by the Department on a first-come, first-served basis.
In order to claim the Firearm Safety Device Credit, you must first apply for certification using Form FSD. You may apply online using the Virginia Tax eForms System.
Note: The Firearm Safety Device Tax Credit is granted based on the order in which the application forms are received by the Department. Submit Form FSD electronically to ensure your completed application is received as soon as possible.
A "firearm safety device" is any device that, when installed on a firearm, is designed to prevent the firearm from being operated without first deactivating the device, such as trigger locks, chamber locks and cable locks, etc., or (ii) a safe, gun safe, gun case, lock box, or other device that is designed to be or can be used to store a firearm and that is designed to be unlocked only by means of a key, a combination, or other similar means. Eligible transactions include purchases of a device(s) from a commercial retailer and does not include firearms purchases.
The amount of credit claimed in any single taxable year cannot exceed the individual's liability for that taxable year. Any amount exceeding the taxpayer's liability in the taxable year in which the transaction occurred may be carried over for credit against liability in the next 5 taxable years or until the total amount of the tax credit has been taken, whichever is sooner.
The aggregate amount of allowable credits cannot exceed $5 million per taxable year. Credits will be allocated by the Department on a first-come, first-served basis.
In order to claim the Firearm Safety Device Credit, you must first apply for certification using Form FSD. You may apply online using the Virginia Tax eForms System.
Note: The Firearm Safety Device Tax Credit is granted based on the order in which the application forms are received by the Department. Submit Form FSD electronically to ensure your completed application is received as soon as possible.
