103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4560

Introduced , by Rep. Maura Hirschauer

SYNOPSIS AS INTRODUCED:
35 ILCS 5/241 new

Amends the Illinois Income Tax Act. Creates an income tax credit for the eligible purchase of a firearm safety device. Effective immediately.
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A BILL FOR

HB4560LRB103 37098 HLH 67217 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by
5adding Section 241 as follows:
6 (35 ILCS 5/241 new)
7 Sec. 241. Firearm safety device tax credit.
8 (a) As used in this Section:
9 "Eligible transaction" means a transaction in which a
10taxpayer purchases one or more firearm safety devices from a
11dealer that is federally licensed pursuant to 18 U.S.C. 923.
12 "Eligible transaction" does not include a transaction that
13includes the purchase of a firearm.
14 "Firearm" means any handgun, shotgun, rifle, or other
15firearm that will, is designed to, or may be readily converted
16to expel single or multiple projectiles by action of an
17explosion of a combustible material.
18 "Firearm safety device" means a safe, gun safe, gun case,
19lock box, or other device that is designed to be or can be used
20to store a firearm and that is designed to be unlocked only by
21means of a key, a combination, or other similar means.
22 (b) For taxable years that begin on and after January 1,
232025 and begin before January 1, 2030, a taxpayer who

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1purchases one or more firearm safety devices in an eligible
2transaction during the taxable year may apply to the
3Department for a nonrefundable credit against the tax imposed
4by subsections (a) and (b) of Section 201. The credit shall be
5in the amount of the cost incurred by the taxpayer for the
6purchase of the firearm safety device but not to exceed $300
7per taxpayer in any taxable year. A taxpayer shall be allowed
8only one credit under this Section per taxable year. The
9taxpayer shall apply to the Department in the form and manner
10required by the Department. The aggregate amount of credits
11allowable under this Section shall not exceed $5,000,000 in
12any taxable year. Credits shall be allocated by the Department
13on a first-come, first-served basis.
14 (c) In no event shall a credit under this Section reduce
15the taxpayer's liability to less than zero. If the amount of
16the credit exceeds the tax liability for the year, the excess
17may be carried forward and applied to the tax liability of the
185 taxable years following the excess credit year. The tax
19credit shall be applied to the earliest year for which there is
20a tax liability. If there are credits for more than one year
21that are available to offset a liability, the earlier credit
22shall be applied first.
23 (d) The Department shall adopt rules for the
24administration and implementation of the credit under this
25Section.
26 Section 99. Effective date. This Act takes effect upon

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