101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2612
 
Introduced , by Rep. Chris Miller
 
SYNOPSIS AS INTRODUCED:



35 ILCS 5/229 new

 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.



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FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 


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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 adding 
5Section 229 as follows:

6 (35 ILCS 5/229 new)
7 Sec. 229. Firearm dealer license.
8 (a) For tax years ending on or after December 31, 2019, a 
9taxpayer who has received a federal firearms license or is in 
10the process of becoming a certified licensee pursuant to the 
11Firearm Dealer License Certification Act is entitled to a 
12credit against the taxes imposed under subsections (a) and (b) 
13of Section 201 of this Act in an amount equal to the cost of 
14obtaining an Illinois gun dealer license, but in no event may 
15the amount exceed $1,500. If the taxpayer is a partnership or 
16Subchapter S corporation, the credit is allowed to the partners 
17or shareholders in accordance with the determination of income 
18and distributive share of income under Sections 702 and 704 and 
19Subchapter S of the Internal Revenue Code. 
20 (b) The Department, in collaboration with the Illinois 
21State Police, shall adopt rules to enforce and administer the 
22provisions of this Section. 
23 (c) In no event shall a credit under this Section reduce 
 
 
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1the taxpayer's liability to less than zero. If the amount of 
2the credit exceeds the tax liability for the year, the excess 
3may be carried forward and applied to the tax liability of the 
45 taxable years following the excess credit year. The credit 
5shall be applied to the earliest year for which there is a tax 
6liability. If there are credits from more than one tax year 
7that are available to offset a liability, the earlier credit 
8shall be applied first. 
9 (d) This Section is exempt from the provisions of Section 
10250. 


11 Section 99. Effective date. This Act takes effect upon 
12becoming law.