H.R. 4487: Gun Safety Incentive Act

This bill, known as the Gun Safety Incentive Act, aims to enhance firearm safety through a series of regulatory measures regarding the sale and storage of firearms. Here is a breakdown of its key provisions:

1. Best Practices for Safe Firearm Storage

The Attorney General is tasked with developing voluntary best practices for safe firearm storage within 180 days of the bill's enactment. These practices will include guidelines for preventing loss and unauthorized access to firearms in various locations, including:

• Businesses
• Vehicles
• Private homes
• Off-site storage facilities
• Other locations deemed appropriate by the Attorney General

The Attorney General will publish these practices within a year and review them at least annually.

2. Promotion of Safe Firearm Storage

Starting January 1, 2027, firearm manufacturers and importers that serialize at least 250 firearms annually must attach a notice to each firearm stating "SAFE STORAGE SAVES LIVES," along with the URL of the safety website established by the Attorney General.

3. Safe Storage Devices for All Firearm Sales

The bill amends existing laws to mandate the inclusion of safe storage devices with all firearm sales, adapting the definition of applicable firearms to include handguns, rifles, and shotguns. This measure will take effect 180 days post-enactment.

4. Safe Firearm Storage Grant Program

The Attorney General will have the authority to provide grants to states and tribes for establishing and evaluating Safe Firearm Storage Assistance Programs. These programs will focus on acquiring and distributing safe storage devices. Funding details include:

• Eligible grantees include local governments or tribes.
• At least 75% of the grant funds must be used for creating or supplying resources for safe firearm storage programs.
• Organizations can partner with local governments for up to 25% of the funds to aid in purchasing and distributing devices.
• $10 million is allocated for each fiscal year from 2027 through 2035 for this purpose.

Grantees must report annually on their funding usage and the number of devices distributed, while the Attorney General will report to Congress about the grants awarded.

5. Prevent Family Fire Safe Firearm Storage Credit

The bill introduces a tax credit for retailers who sell safe firearm storage devices. Key points include:

• A 10% credit is available on the retail sale of these devices, limited to a maximum of $400 per device.
• This provision would not apply after December 31, 2032.

6. Reporting and Oversight

The Secretary of the Treasury is required to compile and publicly report on the total amount of tax credits claimed under this new program, broken down by state.

7. Severability Clause

If any part of this act is found to be invalid or unenforceable, the remaining provisions will continue to be effective.

Relevant Companies

• RGR (Sturm, Ruger & Co.): As a major firearm manufacturer, this company could be impacted by the requirement to include safe storage devices with their products and the need to adhere to new promotional guidelines.
• SAFM (Safety Dynamics): This company specializes in firearm safety and storage solutions, and they may see an increased demand for their products due to the grant program and tax incentives for safe storage devices.