Bill Text: IL HB5129 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 50% of the amount paid by the taxpayer during the taxable year for the purchase of a gun safe or lock used primarily for the purpose of securing firearms. Effective immediately.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2022-03-09 - Added Co-Sponsor Rep. Michael Kelly [HB5129 Detail]
Download: Illinois-2021-HB5129-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by | |||||||||||||||||||
5 | adding Section 232 as follows:
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6 | (35 ILCS 5/232 new) | |||||||||||||||||||
7 | Sec. 232. Credit for gun safes and locks. | |||||||||||||||||||
8 | (a) For taxable years ending on or after December 31, | |||||||||||||||||||
9 | 2022, each individual taxpayer is entitled to a credit against | |||||||||||||||||||
10 | the taxes imposed by subsections (a) and (b) of Section 201 in | |||||||||||||||||||
11 | an amount equal to 50% of the amount paid by the taxpayer | |||||||||||||||||||
12 | during the taxable year for the purchase of a gun safe or lock | |||||||||||||||||||
13 | used primarily for the purpose of securing firearms. | |||||||||||||||||||
14 | (b) In no event shall a credit under this Section reduce | |||||||||||||||||||
15 | the taxpayer's liability to less than zero. If the amount of | |||||||||||||||||||
16 | the credit exceeds the taxpayer's income tax liability for the | |||||||||||||||||||
17 | applicable tax year, then the excess credit shall be refunded | |||||||||||||||||||
18 | to the taxpayer. | |||||||||||||||||||
19 | (c) This Section is exempt from the provisions of Section | |||||||||||||||||||
20 | 250.
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21 | Section 99. Effective date. This Act takes effect upon | |||||||||||||||||||
22 | becoming law.
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