Illinois General Assembly - Full Text of HB5129
Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

Full Text of HB5129  102nd General Assembly

HB5129 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5129

 

Introduced 1/27/2022, 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

 

HB5129LRB102 25271 HLH 34544 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5adding 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,
92022, each individual taxpayer is entitled to a credit against
10the taxes imposed by subsections (a) and (b) of Section 201 in
11an amount equal to 50% of the amount paid by the taxpayer
12during the taxable year for the purchase of a gun safe or lock
13used primarily for the purpose of securing firearms.
14    (b) In no event shall a credit under this Section reduce
15the taxpayer's liability to less than zero. If the amount of
16the credit exceeds the taxpayer's income tax liability for the
17applicable tax year, then the excess credit shall be refunded
18to the taxpayer.
19    (c) This Section is exempt from the provisions of Section
20250.
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.