113th congress HR 226

[GunAddict]

H.R.226 -- Support Assault Firearms Elimination and Reduction for our Streets Act (Introduced in House - IH)
To amend the Internal Revenue Code of 1986 to allow a credit against tax for surrendering to authorities certain assault weapons

http://thomas.loc.gov/cgi-bin/query/z?c113:H.R.226:

http://thomas.loc.gov/cgi-bin/thomas

 

[aroundlsu]

So basically it says you get a $2000 tax credit for turning in an assault rifle or pistol. You get half now and half next year.

 

[Gringo Loco]

So, how do we stop this?

 

[bs875]

I guess this would be one way to make tax payers who don't like guns to pay for an assault rifle. Huge waste of tax dollars. Maybe if the definition is right I can slap a pistol grip on a bunch of old 22 rifles and make a mint.

 

[aroundlsu]

Yeah someone could definitely make a lot of money with this as it says $2000 flat rate for any assault weapon (pistol or rifle). I don't see how it makes turning in your guns a requirement. Just an option. Like a permanent voluntary buyback. I have a few guns I would give them for $2000 right now. They can have my SKS and my USP CT for $2000 each.

 

[Vermiform]

Is there a limit to how many or when they were purchased? I could buy a bunch of ruger 22 pistols brand new with thread barrels and go turn them in. Rinse, repeat.

 

[Sugarbug]

Sound like they're preparing for a retroactive ban. Saying "those of you who have weapons that will be banned will be reimbursed..." yadda, yadda.

 

[Sugarbug]

Is there a limit to how many or when they were purchased? I could buy a bunch of ruger 22 pistols brand new with thread barrels and go turn them in. Rinse, repeat.

limited to 1.

 

[aroundlsu]

The only thing about a limit is this:
(3) DENIAL OF DOUBLE BENEFIT- The taxpayer may elect the application of this section with respect to only 1 weapon, and if such election is made for any taxable year, no deduction shall be allowed under any other provision of this chapter with respect to the surrender or contribution of the specified assault weapon.

I am not sure how to interpret that.

 

[olivs260]

The way I read it it's a $2000 tax credit, not $2000 cash. So if you're in the 25% tax bracket it lowers your burden by $500... over two years. Not a very good deal unless you've got something cheap or beaten up lying around.

 

[Snoman]

I believe you're thinking of a 'deduction' not a credit. Tax credits are dollar for dollar offsets of tax owed, not simply a reduction of taxable income.

The way I read it it's a $2000 tax credit, not $2000 cash. So if you're in the 25% tax bracket it lowers your burden by $500... over two years. Not a very good deal unless you've got something cheap or beaten up lying around.

 

[bs875]

The way I read it it's a $2000 tax credit, not $2000 cash. So if you're in the 25% tax bracket it lowers your burden by $500... over two years. Not a very good deal unless you've got something cheap or beaten up lying around.

That's not how a tax credit works.

 

[olivs260]

I believe you're thinking of a 'deduction' not a credit. Tax credits are dollar for dollar offsets of tax owed, not simply a reduction of taxable income.

hmm you're right. My brain was saying deduction.


Carry on!

 

[rrussotwo]

Even limited to one, this would be ripe for abuse.

 

[J-Dog]

BTW the Bill is HR 226 not HR 266. Any way the Congresswoman that intorduced this is a crazy lib from Connecticut she has zero cosponsors on the bill and it will sit in Ways and Means for two years and die never seeing the light of day. Look at some of the guns she has on the list of eligable for the tax credit, looks like she pulled the names off of a Blackops box. Lets be real this will never go any where this was done so she can say look i introduced a bill.

See Vinilla Gorilla's post, #6: http://www.bayoushooter.com/forums/...12-Congress)&p=1169611&highlight=#post1169611

 

[luv1979]

No go on the .22's...

(ii) Clause (i) shall not apply to an attached tubular device designed to accept, and capable of operating only with, .22 caliber rimfire ammunition.

 

[Jack]

BTW the Bill is HR 226 not HR 266. Any way the Congresswoman that intorduced this is a crazy lib from Connecticut she has zero cosponsors on the bill and it will sit in Ways and Means for two years and die never seeing the light of day. Look at some of the guns she has on the list of eligable for the tax credit, looks like she pulled the names off of a Blackops box. Lets be real this will never go any where this was done so she can say look i introduced a bill.

See Vinilla Gorilla's post, #6: http://www.bayoushooter.com/forums/...12-Congress)&p=1169611&highlight=#post1169611

School house rocks ftw

 

[GunAddict]

BTW the Bill is HR 226 not HR 266. Any way the Congresswoman that intorduced this is a crazy lib from Connecticut she has zero cosponsors on the bill and it will sit in Ways and Means for two years and die never seeing the light of day. Look at some of the guns she has on the list of eligable for the tax credit, looks like she pulled the names off of a Blackops box. Lets be real this will never go any where this was done so she can say look i introduced a bill.

See Vinilla Gorilla's post, #6: http://www.bayoushooter.com/forums/...12-Congress)&p=1169611&highlight=#post1169611

Yeah, either a little dyslexia kicking in or fingers not working like the brain says to. Now if I knew how to correct it I would but didn't see that under edit. Sorry, had to go to advanced to change, thanks.

 

[Old Account]

WTF

 

[Old Account]

I guess this would be one way to make tax payers who don't like guns to pay for an assault rifle. Huge waste of tax dollars. Maybe if the definition is right I can slap a pistol grip on a bunch of old 22 rifles and make a mint.

LMFAO