102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
Introduced 1/27/2022, by Rep. Anne Stava-Murray
SYNOPSIS AS INTRODUCED:
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.
A BILL FOR
|HB5129||LRB102 25271 HLH 34544 b|
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by
adding Section 232 as follows:
(35 ILCS 5/232 new)
Credit for gun safes and locks.
(a) For taxable years ending on or after December 31,
2022, each individual taxpayer is entitled to a credit against
the taxes imposed by subsections (a) and (b) of Section 201 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.
(b) 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 taxpayer's income tax liability for the
applicable tax year, then the excess credit shall be refunded
to the taxpayer.
(c) This Section is exempt from the provisions of Section
This Act takes effect upon