H.R.226 - Support Assault Firearms Elimination and Reduction for our Streets Act - Bill Text | Congress.gov | Library of Congress `SEC. 25E. ASSAULT WEAPON TURN-IN CREDIT. ``(a) Allowance of Credit.-- ``(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. ``(b) Special Rules.-- ``(1) Weapon must be lawfully possessed.--No credit shall be allowed under subsection (a) with respect to any specified assault weapon not lawfully possessed by the taxpayer at the time the weapon is surrendered. ``(2) Substantiation requirement.--No credit shall be allowed under subsection (a) for the surrender of any specified assault weapon unless the taxpayer substantiates the surrender by a contemporaneous written acknowledgment of the surrender by the Federal, State, or local governmental entity to which the weapon is surrendered. ``(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. ``(c) Assault Weapon.--For purposes of this section-- ``(1) In general.--The term `specified assault weapon' means any of the following: ``(A) The following rifles or copies or duplicates thereof: ``(i) AK, AKM, AKS, AK-47, AK-74, ARM, MAK90, Misr, NHM 90, NHM 91, SA 85, SA 93, VEPR, So, I go and order these. Akm / Akms Receiver Blank - 1003555, Tactical Rifle Acc at Sportsman's Guide drill some holes and dremel out the magwell. At that point, according to the ATF, it's a gun. And mind you, it's an AK .. which is eligble for the credit. And I'd legally own it. Fricken sweet, for less than 30 bucks and 15 minutes I'm getting 2k tax credit. Hmm I wonder.