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IL HB5583

Bill

Official Source

Status

Failed

1/7/2025

Primary Sponsor

Hoan Huynh

Click for details

Origin

House of Representatives

103rd General Assembly

AI Summary

  • Imposes an 11% tax on firearms beginning January 1, 2025, under the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act.
  • Amends four Illinois tax codes (35 ILCS 105/3-10, 110/3-10, 115/3-10, and 120/2-10) by adding specific provisions for firearm taxation.
  • Applies the 11% rate exclusively to firearm sales while maintaining existing tax rates of 6.25% for other tangible personal property.
  • Takes effect immediately upon enactment, with the firearm tax rate effective January 1, 2025.

Legislative Description

USE/OCC TX-FIREARMS

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Rules2/9/2024

Full Bill Text

No bill text available