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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5129 Introduced 1/27/2022, by Rep. Anne Stava-Murray SYNOPSIS AS INTRODUCED:
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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.
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| | A BILL FOR |
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| | HB5129 | | LRB102 25271 HLH 34544 b |
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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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