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  • EnactedAugust 16th, 2010
    The President signed this bill into law
  • The senate Passed August 5th, 2010
    Passed by Voice Vote
  • The house has not voted
      house Committees
      House Committee on Ways and Means
    IntroducedJune 17th, 2010

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Bill Details

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Title

Firearms Excise Tax Improvement Act of 2010

Official Title

To amend the Internal Revenue Code of 1986 to require that the payment of the manufacturers' excise tax on recreational equipment be paid quarterly and to provide for the assessment by the Secretary of the Treasury of certain criminal restitution.

Summary

Firearms Excise Tax Improvement Act of 2010 - Amends the Internal Revenue Code to require: (1) excise taxes on recreational equipment to be due and payable on the date for filing the return for such taxes (i.e., quarterly); and (2) the Secretary of the Treasury to assess and collect, in the same manner as delinquent taxes are assessed and collected, mandatory orders of restitution for victims of crime. Increases by 0.25% in the third quarter of 2015 the estimated tax payments of corporations with assets of not less than $1 billion. Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.