Gun safes

From the 2024 DOR Tax Exemption Study

82.08.832; 82.12.832 - Gun safes Description Sales and use taxes do not apply to the sale of gun safes. Gun safes are locked enclosures specifically designed to store firearms. The deduction does not include trigger lock devices. Purpose To encourage the purchase and use of gun safes. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.831 $0.871 $0.901 $0.931 Local Taxes $0.380 $0.390 $0.400 $0.420 Repeal of Repealing this deduction would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.791 $0.901 $0.931 Local Taxes $0.000 $0.360 $0.400 $0.420 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - Growth rate mirrors the taxable sales growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. - Local revenue estimates use the statewide average local sales and use tax rate of 2.92%. Data Sources - Department of Revenue, Excise Tax Return data - Economic and Revenue Forecast Council, March 2023 forecast Additional Additional Information Information Category: Individuals Year E