Bill Text: IL HB4560 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit for the eligible purchase of a firearm safety device. Effective immediately.

Sponsorship: Partisan Bill (Democrat 2)

Status: (Failed) 2025-01-07 - Session Sine Die [HB4560 Detail]

Download: Illinois-2023-HB4560-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4560 Introduced , by Rep. Maura Hirschauer SYNOPSIS AS INTRODUCED:
35 ILCS 5/241 new
Amends the Illinois Income Tax Act. Creates an income tax credit for the eligible purchase of a firearm safety device. Effective immediately.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
adding Section 241 as follows:
(35 ILCS 5/241 new)
Sec. 241. Firearm safety device tax credit.
(a) As used in this Section:
"Eligible transaction" means a transaction in which a
taxpayer purchases one or more firearm safety devices from a
dealer that is federally licensed pursuant to 18 U.S.C. 923.
"Eligible transaction" does not include a transaction that
includes the purchase of a firearm.
"Firearm" means any handgun, shotgun, rifle, or other
firearm that will, is designed to, or may be readily converted
to expel single or multiple projectiles by action of an
explosion of a combustible material.
"Firearm safety device" means a safe, gun safe, gun case,
lock box, or other device that is designed to be or can be used
to store a firearm and that is designed to be unlocked only by
means of a key, a combination, or other similar means.
(b) For taxable years that begin on and after January 1,
2025 and begin before January 1, 2030, a taxpayer who

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purchases one or more firearm safety devices in an eligible
transaction during the taxable year may apply to the
Department for a nonrefundable credit against the tax imposed
by subsections (a) and (b) of Section 201. The credit shall be
in the amount of the cost incurred by the taxpayer for the
purchase of the firearm safety device but not to exceed $300
per taxpayer in any taxable year. A taxpayer shall be allowed
only one credit under this Section per taxable year. The
taxpayer shall apply to the Department in the form and manner
required by the Department. The aggregate amount of credits
allowable under this Section shall not exceed $5,000,000 in
any taxable year. Credits shall be allocated by the Department
on a first-come, first-served basis.
(c) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
the credit exceeds the tax liability for the year, the excess
may be carried forward and applied to the tax liability of the
5 taxable years following the excess credit year. The tax
credit shall be applied to the earliest year for which there is
a tax liability. If there are credits for more than one year
that are available to offset a liability, the earlier credit
shall be applied first.
(d) The Department shall adopt rules for the
administration and implementation of the credit under this
Section.
Section 99. Effective date. This Act takes effect upon

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