Bill Text: IL HB2612 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB2612 Detail]

Download: Illinois-2019-HB2612-Introduced.html

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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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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by adding
Section 229 as follows:
(35 ILCS 5/229 new)
Sec. 229. Firearm dealer license.
(a) For tax years ending on or after December 31, 2019, a
taxpayer who has received a federal firearms license or is in
the process of becoming a certified licensee pursuant to the
Firearm Dealer License Certification Act is entitled to a
credit against the taxes imposed under subsections (a) and (b)
of Section 201 of this Act in an amount equal to the cost of
obtaining an Illinois gun dealer license, but in no event may
the amount exceed $1,500. If the taxpayer is a partnership or
Subchapter S corporation, the credit is allowed to the partners
or shareholders in accordance with the determination of income
and distributive share of income under Sections 702 and 704 and
Subchapter S of the Internal Revenue Code.
(b) The Department, in collaboration with the Illinois
State Police, shall adopt rules to enforce and administer the
provisions of this Section.
(c) In no event shall a credit under this Section reduce

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the taxpayer's liability to less than zero. If the amount of
the credit exceeds the tax liability for the year, the excess
may be carried forward and applied to the tax liability of the
5 taxable years following the excess credit year. The credit
shall be applied to the earliest year for which there is a tax
liability. If there are credits from more than one tax year
that are available to offset a liability, the earlier credit
shall be applied first.
(d) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.