GUN STORAGE TAX CREDIT

HB 232 creates a one-time $1,000 tax credit for New Mexico taxpayers who purchase certified secure gun storage (such as safes, lock boxes, or gun cases) starting in 2026. To qualify, buyers must obtain certification from the Public Safety Department confirming the storage meets safety standards, and the total annual credits are capped at $500,000. Taxpayers can claim the credit within one year of purchase to reduce their state income tax bill, with unused portions refunded. The credit applies only to individual taxpayers purchasing new storage devices for personal firearm storage, not to businesses or dependents.