This bill would increase the federal excise taxes on guns to 20 percent and ammunition to 50 percent. Revenues from the increased excise tax would be allocated to law enforcement and public safety grant programs, including programs for research on gun violence and its prevention. In effect, this would roughly double the tax on firearms and quintuple the ammunition tax.
The bill would also:
Increase the occupational tax on importers, manufacturers, and dealers in firearms and the transfer tax on firearms;
Modify the definition of “firearm” for excise tax purposes to include a semi-automatic pistol chambered for cartridges and configured with receivers commonly associated with rifles and capable of accepting detachable magazines.