In the attached bill language, it reads as a tax credit, not a tax deduction. Is that modified somewhere else? If it is a tax credit and the taxpayer owes more than the two thousand limit, it is s dollar for dollar deduction up to the limit.
(a) ALLOWANCE OF CREDIT.—
5 ‘‘(1) IN GENERAL.—In the case of an individual
6 who surrenders a specified assault weapon to the
7 United States or a State or local government (or po-
8 litical subdivision thereof) as part of a Federal,
9 State, or local public safety program to reduce the
10 number of privately owned weapons, on the election
11 of the taxpayer there shall be allowed as a credit
12 against the tax imposed by this chapter an amount
13 equal to $2,000.
14 (2) YEAR CREDIT ALLOWED.—The amount of
15 the credit under paragraph (1) shall be allowed 1/2
16 for the taxable year during which the assault weapon was so surrendered and 1/2 in the next taxable year.