Representative Rosa L. DeLauro (D-CT) introduced HR 226 in the House of Representatives. What does the bill seek to do? I looks to amend the 1986 Internal Revenue code and allow a credit if taxpayers “surrender” their guns to the government. The Act is said to be cited as the “Support Assault Firearms Elimination and Reduction for our Streets Act.”
According to the text of the bill, the allowance of the credit is:
(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.
Notice the purpose is not to give a credit of $2000.00, which if that is the case, one could really make a good bit of money as you can get a Bushmaster for well under $1000, but rather it is to “reduce the number of privately owned weapons.”