HB1790

Illinois HB1790 creates a tax credit for the purchase of firearm safety devices.

Illinois HB1790 amends the Illinois Income Tax Act to create a tax credit for eligible purchases of firearm safety devices. The credit applies to purchases made from federally licensed dealers and is limited to $300 per taxpayer per year. The credit can be carried forward if it exceeds the tax liability, up to five years. The total credit available in any year is capped at $5,000,000. The credit is allocated on a first-come, first-served basis and cannot reduce the taxpayer's liability below zero. The Department of Revenue will administer the credit and establish rules for its implementation.