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SS#3/SCS/SB 131 - This act establishes provisions relating to firearms tax relief. FIREARMS EXCISE TAX INCOME TAX CREDIT For all tax years beginning on or after January 1, 2024, this act authorizes a tax credit for taxpayers making sales of firearms or ammunition. The tax credit shall be equal to the amount of the federal firearms and ammunition excise tax imposed on the sale of such firearms and ammunition sold by the taxpayer during the tax year. Tax credits authorized by the act shall not be refundable, and shall not be transferred, sold, or assigned. A taxpayer shall not be able to claim a tax credit pursuant to the act if the taxpayer also retained sales taxes pursuant to the act for the same federal firearms excise tax paid. This act shall sunset on December 31, 2029, unless reauthorized by the General Assembly. (Section 135.098) FIREARMS EXCISE TAX SALES TAXES Beginning August 28, 2023, this act provides that all sales of firearms and ammunition sold in this state shall be exempt from state and local sales taxes. Beginning August 28, 2023, from every remittance of sales tax to the Director of Revenue made by a person selling firearms or ammunition, the person shall be entitled to deduct and retain an amount equal to the amount of the federal firearms and ammunition excise tax paid by such person on the sale of ammunition and firearms sold by such person. This provision is substantially similar to SB 1102 (2022) and SB 567 (2021). (Section 144.064) HUNTING AND FISHING PERMITS This act provides that any person who has paid an amount of sales tax during a calendar year that is equal or greater than the cost of a hunting or fishing permit shall be eligible to receive a hunting or fishing permit for such year free of charge. A person applying for a hunting or fishing permit pursuant to the act shall submit proof of having paid sufficient amount of sales tax to qualify for a free permit pursuant to the act. The Conservation Commission shall publish information on its website indicating the required amount of sales tax paid in order to qualify for a free hunting or fishing permit. (Section 252.355) JOSH NORBERG
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