January 20, 2013, 11:04 PM
Join Date: September 7, 2008
`(a) Allowance of 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.
``(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.
The credit is spread out over 2 years.
In my hour of darkness
In my time of need
Oh Lord grant me vision
Oh Lord grant me speed - Gram Parsons