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Rep. Maura Hirschauer
Filed: 3/5/2025
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| 1 | | AMENDMENT TO HOUSE BILL 1790
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| 2 | | AMENDMENT NO. ______. Amend House Bill 1790 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Illinois Income Tax Act is amended by |
| 5 | | adding Section 246 as follows:
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| 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.
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| 11 | | Section 99. Effective date. This Act takes effect upon |
| 12 | | becoming law.". |