Illinois HB1790 creates a tax credit for the purchase of firearm safety devices.
HB1790 amends the Illinois Income Tax Act to establish a tax credit for eligible purchases of firearm safety devices. The credit applies to purchases made from federally licensed dealers and is capped at $300 per taxpayer per year. If the credit exceeds the tax liability, the excess can be carried forward for up to 16 years. The Department of Revenue will administer the credit, allocating it on a first-come, first-served basis, with a total cap of $5,000,000 per year. The credit becomes effective immediately upon the bill's enactment.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.