102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB5129

Introduced , by Rep. Anne Stava-Murray

SYNOPSIS AS INTRODUCED:

35 ILCS 5/232 new

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.

LRB102 25271 HLH 34544 b

A BILL FOR

HB5129

LRB102 25271 HLH 34544 b

1 AN ACT concerning revenue.

2 Be it enacted by the People of the State of Illinois,

3 represented in the General Assembly:

4 Section 5. The Illinois Income Tax Act is amended by

5 adding Section 232 as follows:

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.

21 Section 99. Effective date. This Act takes effect upon

22 becoming law.