101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
Introduced , by Rep. Chris Miller
SYNOPSIS AS INTRODUCED:
Amends the Illinois Income Tax Act. Creates a credit in an amount
equal to the cost of obtaining an Illinois gun dealer license. Provides
that the credit may not exceed $1,500. Effective immediately.
|FISCAL NOTE ACT MAY APPLY|
A BILL FOR
|HB2612||LRB101 07915 HLH 52970 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 229 as follows:
(35 ILCS 5/229 new)
Firearm dealer license.
(a) For tax years ending on or after December 31, 2019, a
taxpayer who has received a federal firearms license or is in
the process of becoming a certified licensee pursuant to the
Firearm Dealer License Certification Act is entitled to a
credit against the taxes imposed under subsections (a) and (b)
of Section 201 of this Act in an amount equal to the cost of
obtaining an Illinois gun dealer license, but in no event may
the amount exceed $1,500. If the taxpayer is a partnership or
Subchapter S corporation, the credit is allowed to the partners
or shareholders in accordance with the determination of income
and distributive share of income under Sections 702 and 704 and
Subchapter S of the Internal Revenue Code.
(b) The Department, in collaboration with the Illinois
State Police, shall adopt rules to enforce and administer the
provisions of this Section.
(c) In no event shall a credit under this Section reduce