IL HB5129

Amends the Illinois Income Tax Act by adding Section 232 to create an income tax credit for gun safe and lock purchases.

Individual taxpayers are entitled to a credit equal to 50% of amounts paid during the taxable year for purchasing a gun safe or lock used primarily to secure firearms, effective for taxable years ending December 31, 2022 or later.

Credit applies against state income tax liability under Sections 201(a) and 201(b) of the Illinois Income Tax Act.

Excess credits that exceed a taxpayer's income tax liability are refunded to the taxpayer rather than carried forward.

Takes effect immediately upon becoming law and is exempt from Section 250 provisions.