IL HB2612

Creates a tax credit for taxpayers with a federal firearms license or seeking certification under the Firearm Dealer License Certification Act, effective for tax years ending on or after December 31, 2019.

Credit amount equals the cost of obtaining an Illinois gun dealer license, with a maximum cap of $1,500.

For partnerships and Subchapter S corporations, the credit is distributed to partners or shareholders based on their income and distributive share under the Internal Revenue Code.

Unused credits may be carried forward and applied to tax liability in the following 5 taxable years, with earlier credits applied first.

The Department of Revenue, in collaboration with the Illinois State Police, shall adopt rules to enforce and administer the credit provisions.