IL HB4560

Creates a nonrefundable income tax credit for Illinois taxpayers who purchase firearm safety devices from federally licensed dealers during taxable years beginning January 1, 2025 through December 31, 2029.

Credit amount equals the cost of purchased firearm safety devices (safes, gun cases, lock boxes, or similar locking storage devices) up to a maximum of $300 per taxpayer per year, with only one credit allowed per taxpayer per year.

Establishes an aggregate annual cap of $5,000,000 for all credits awarded in any taxable year, with credits allocated on a first-come, first-served basis.

Allows excess credits that exceed tax liability to be carried forward and applied to tax liability in the following 5 taxable years, with earlier credits applied first.

Requires eligible transactions to involve only firearm safety device purchases and excludes transactions that include firearm purchases; the Department of Revenue shall adopt rules for administration and implementation.