Rep. Maura Hirschauer
Filed: 3/5/2025
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| 1 | AMENDMENT TO HOUSE BILL 1790 | ||||||
| 2 | AMENDMENT NO. ______. Amend House Bill 1790 by replacing | ||||||
| 3 | everything after the enacting clause with the following: | ||||||
| 4 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
| 5 | adding Section 246 as follows: | ||||||
| 6 | (35 ILCS 5/246 new) | ||||||
| 7 | Sec. 246. Firearm safety device tax credit. | ||||||
| 8 | (a) As used in this Section: | ||||||
| 9 | "Eligible transaction" means a transaction in which a | ||||||
| 10 | taxpayer purchases one or more firearm safety devices from a | ||||||
| 11 | dealer that is federally licensed pursuant to 18 U.S.C. 923 or | ||||||
| 12 | from an Illinois-based retailer, regardless of whether that | ||||||
| 13 | Illinois-based retailer is federally licensed pursuant to 18 | ||||||
| 14 | U.S.C. 923. | ||||||
| 15 | "Firearm" means any handgun, shotgun, rifle, or other | ||||||
| 16 | firearm that will, is designed to, or may be readily converted | ||||||
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| 1 | to expel single or multiple projectiles by action of an | ||||||
| 2 | explosion of a combustible material. | ||||||
| 3 | "Firearm safety device" means a safe, gun safe, gun case, | ||||||
| 4 | lock box, or other device that is designed to be or can be used | ||||||
| 5 | to store a firearm and that is designed to be unlocked only by | ||||||
| 6 | means of a key, a combination, or other similar means. | ||||||
| 7 | "Illinois-based retailer" means a retailer that possesses | ||||||
| 8 | a valid certificate of registration or sub-registration issued | ||||||
| 9 | by the Department under the Retailers' Occupation Tax Act. | ||||||
| 10 | (b) For taxable years that begin on or after January 1, | ||||||
| 11 | 2026 and begin before January 1, 2031, a taxpayer who | ||||||
| 12 | purchases one or more firearm safety devices in an eligible | ||||||
| 13 | transaction during the taxable year may apply to the | ||||||
| 14 | Department for a nonrefundable credit against the tax imposed | ||||||
| 15 | by subsections (a) and (b) of Section 201. The credit shall be | ||||||
| 16 | in the amount of the cost incurred by the taxpayer for the | ||||||
| 17 | purchase of the firearm safety device but not to exceed $300 | ||||||
| 18 | per taxpayer in any taxable year. A taxpayer shall be allowed | ||||||
| 19 | only one credit under this Section per taxable year. The | ||||||
| 20 | taxpayer shall apply to the Department in the form and manner | ||||||
| 21 | required by the Department. The aggregate amount of credits | ||||||
| 22 | allowable under this Section shall not exceed $5,000,000 in | ||||||
| 23 | any taxable year. Credits shall be allocated by the Department | ||||||
| 24 | on a first-come, first-served basis. | ||||||
| 25 | (c) In no event shall a credit under this Section reduce | ||||||
| 26 | the taxpayer's liability to less than zero. If the amount of | ||||||
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| 1 | the credit exceeds the tax liability for the year, the excess | ||||||
| 2 | may be carried forward and applied to the tax liability of the | ||||||
| 3 | 5 taxable years following the excess credit year. The tax | ||||||
| 4 | credit shall be applied to the earliest year for which there is | ||||||
| 5 | a tax liability. If there are credits for more than one year | ||||||
| 6 | that are available to offset a liability, the earlier credit | ||||||
| 7 | shall be applied first. | ||||||
| 8 | (d) The Department shall adopt rules for the | ||||||
| 9 | administration and implementation of the credit under this | ||||||
| 10 | Section. | ||||||
| 11 | Section 99. Effective date. This Act takes effect upon | ||||||
| 12 | becoming law.". | ||||||