Illinois 2023-2024 Regular Session

Illinois House Bill HB4560 Compare Versions

Only one version of the bill is available at this time.

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1	1	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. LRB103 37098 HLH 67217 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4560 Introduced , by Rep. Maura Hirschauer SYNOPSIS AS INTRODUCED: 35 ILCS 5/241 new 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. LRB103 37098 HLH 67217 b LRB103 37098 HLH 67217 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4560 Introduced , by Rep. Maura Hirschauer SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/241 new 35 ILCS 5/241 new
4	4	35 ILCS 5/241 new
5	5	Amends the Illinois Income Tax Act. Creates an income tax credit for the eligible purchase of a firearm safety device. Effective immediately.
6	6	LRB103 37098 HLH 67217 b LRB103 37098 HLH 67217 b
7	7	LRB103 37098 HLH 67217 b
8	8	A BILL FOR
9	9	HB4560LRB103 37098 HLH 67217 b HB4560 LRB103 37098 HLH 67217 b
10	10	HB4560 LRB103 37098 HLH 67217 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 adding Section 241 as follows:
16	16	6 (35 ILCS 5/241 new)
17	17	7 Sec. 241. Firearm safety device tax credit.
18	18	8 (a) As used in this Section:
19	19	9 "Eligible transaction" means a transaction in which a
20	20	10 taxpayer purchases one or more firearm safety devices from a
21	21	11 dealer that is federally licensed pursuant to 18 U.S.C. 923.
22	22	12 "Eligible transaction" does not include a transaction that
23	23	13 includes the purchase of a firearm.
24	24	14 "Firearm" means any handgun, shotgun, rifle, or other
25	25	15 firearm that will, is designed to, or may be readily converted
26	26	16 to expel single or multiple projectiles by action of an
27	27	17 explosion of a combustible material.
28	28	18 "Firearm safety device" means a safe, gun safe, gun case,
29	29	19 lock box, or other device that is designed to be or can be used
30	30	20 to store a firearm and that is designed to be unlocked only by
31	31	21 means of a key, a combination, or other similar means.
32	32	22 (b) For taxable years that begin on and after January 1,
33	33	23 2025 and begin before January 1, 2030, a taxpayer who
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4560 Introduced , by Rep. Maura Hirschauer SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/241 new 35 ILCS 5/241 new
39	39	35 ILCS 5/241 new
40	40	Amends the Illinois Income Tax Act. Creates an income tax credit for the eligible purchase of a firearm safety device. Effective immediately.
41	41	LRB103 37098 HLH 67217 b LRB103 37098 HLH 67217 b
42	42	LRB103 37098 HLH 67217 b
43	43	A BILL FOR
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49	49	35 ILCS 5/241 new
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68	68	1 purchases one or more firearm safety devices in an eligible
69	69	2 transaction during the taxable year may apply to the
70	70	3 Department for a nonrefundable credit against the tax imposed
71	71	4 by subsections (a) and (b) of Section 201. The credit shall be
72	72	5 in the amount of the cost incurred by the taxpayer for the
73	73	6 purchase of the firearm safety device but not to exceed $300
74	74	7 per taxpayer in any taxable year. A taxpayer shall be allowed
75	75	8 only one credit under this Section per taxable year. The
76	76	9 taxpayer shall apply to the Department in the form and manner
77	77	10 required by the Department. The aggregate amount of credits
78	78	11 allowable under this Section shall not exceed $5,000,000 in
79	79	12 any taxable year. Credits shall be allocated by the Department
80	80	13 on a first-come, first-served basis.
81	81	14 (c) In no event shall a credit under this Section reduce
82	82	15 the taxpayer's liability to less than zero. If the amount of
83	83	16 the credit exceeds the tax liability for the year, the excess
84	84	17 may be carried forward and applied to the tax liability of the
85	85	18 5 taxable years following the excess credit year. The tax
86	86	19 credit shall be applied to the earliest year for which there is
87	87	20 a tax liability. If there are credits for more than one year
88	88	21 that are available to offset a liability, the earlier credit
89	89	22 shall be applied first.
90	90	23 (d) The Department shall adopt rules for the
91	91	24 administration and implementation of the credit under this
92	92	25 Section.
93	93	26 Section 99. Effective date. This Act takes effect upon
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