Gun Turn-In = Tax Credit

[JohnRich]

Proposed in Congress:

H. R. 4151
IN THE HOUSE OF REPRESENTATIVES
April 3, 2000

Mr. BECERRA introduced the following bill;

To amend the Internal Revenue Code of 1986 to allow individuals a refundable credit against income tax for the fair market value of firearms turned in to local law enforcement agencies.

This Act may be cited as the `Gun Retrieval to Build Safer Communities Act'.

In the case of an individual, there shall be allowed as a credit an amount equal to the fair market value of any firearm turned in to a local law enforcement agency by such individual, but only if a program is in effect at such agency. The credit allowed by this section for any taxable year shall not exceed $500.

* * *
http://thomas.loc.gov/
H.R.4151

[ernest2]

I guess that I will have to turn in my guns
one at a time over the next one hundered
twenty years if I am only going to get 500.oo per year tax credit.

This bill seriously misses the mark as far as gun collectors with reasonably sized collections of rare and expensive guns goes.

A few of my guns are appraised at
1000.oo,and 1800.oo and similar figures.

No way I would let one of those go for a meer 500.oo tax credit.

I would have to claim a $1300.oo loss on that firearm.
Quote:
"But only if that program is in effect at your local law enforcement agency in that year."

If the Federal Government wants to steal our
fine and expensive collectable firearms
they will have to do much better than this.

This is totally unaceptable. They should go by the collectors blue book value, instead and get rid of that 500.oo cap which would not properly reinburst someone for even many of current production non collectable guns.

Hell, a new Sig Sauer 9 mm pistol model 226 wholesales
at 585.00 plus 35.oo UPS shipping, then add
65.00 commission and 6% state sales tax
making the cost 736.oo

What a not acceptable rip off!!!!!!!



[This message has been edited by ernest2 (edited April 10, 2000).]

[johnwill]

Hi John,

Maybe we can get the BATF to turn in their guns.

[Leadfoot]

Gee, what a good deal. Especially for those of us who don't pay the illegal income tax to
begin with.

[JohnRich]

>> Maybe we can get the BATF to turn in their guns. <<

Heck, at $500 each, I'll pay for two of 'em!
<g>

[Erik]

I don't have a problem with it, though I wouldn't do it. Come to think of it, who would? Sure, some people would jump at the chance to save some dough, but what percentage of gun owners would do more than get rid of a junker or two?

[Svt]

I wouldn't have a problem turning in two of my junker guns. Hell, the rest are WELL above $500. Even my local dealer wouldn't jip me that badly!

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Svt
1911 Addiction
1911 Forums
"Rangers Lead the Way!"

[Herodotus]

I do have a big problem with it.
I don't want public funds wasted on worthless projects. Remember, you are the one who is going to have to come up with that $500 out of your taxes, either in higher taxes or reduced services, not this politician who is already feeding at the public trough.

[Don Gwinn]

Erik--
Who would? Little old ladies and yuppies who are left when good older folks die.
"Never did understand why dad kept this old thing around. He was always paranoid that someday someone would try to hurt him....."

At least this way there might be fewer thieves turning in gun after gun--thieves aren't as interested in tax credits as they are cash, I'd guess.

But it still won't work, which is fine with me. I don't WANT it to work.

[larry_minn]

Yep like the gun buybacks. Waste of tax money for a feel good thing. Wish we had one around here I could find a few junkers to make some cash on. Maybe even build a few. "most people that will take part in this don't know a real gun from a squirt gun."
LOVE the idea that a criminal can use a gun to kill someone and if he turns it in before being caught it can't be used against him. Also why don't they check the guns against stolen ones and return them to the rightful owner????

"I wonder how many of the expensive guns that people who don't know any better give them wind up falling out in someones trunk???

[4V50 Gary]

Considering a post ban AR15 costs over $500, an M1A is over $1k, an HK91 is over $2k, $500 doesn't buy much gun nowadays. Some tax credit.

I'd ditch a gun if Feinswine hangs or overdoses herself. Then again, there's always jumping from the Golden Gate Bridge.

[George Hill]

Lets see - I could get a Davis Derringer for 60 bucks - turn it in for a 500 dollar tax credit... Reduce my tax liability... could then buy a Glock with the tax moneys saved and break even.
Nice.


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Rome did not create a great empire by having meetings; they did it by killing all those who opposed them.

[Erik]

A "tax credit" is different from a "buyback." I think taxes are too high to begin with, so as a rule am for most credit proposals. Though I'm confident some future politician will come up with something inane given sufficient time.

[Svt]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Herodotus:
I do have a big problem with it.
I don't want public funds wasted on worthless projects. Remember, you are the one who is going to have to come up with that $500 out of your taxes, either in higher taxes or reduced services, not this politician who is already feeding at the public trough.[/quote]

Read what Erik wrote. We're not talking about a buy back program. Sorry, but you have to pay as much as I do every year, tax credits are a nice commodity.

[TaxPhd]

George,

The credit isn't $500 per gun, but rather the fair market value of the gun up to $500 max. per year. Your Davis would yield only a $60 credit.

All of you seem to be missing the key in this proposed legislation. The credit is REFUNDABLE. Most credits aren't. A notable exception is the Earned Income Credit. Low income people are able to receive refunds in excess of taxes paid with a refundable credit. It is just disguised welfare under the guise of making things safer "for the children."

[Glenn E. Meyer]

It is so important to get guns off the street that I suggest a $5000 / per gun credit.

Let me know when this starts as I have a little shopping to do first.

[George Hill]

TaxPhd - What if I spray painted it Gold?

[TaxPhd]

George,

LMAO