Increased firearm taxes and new fund for gun violence prevention.
This act increases taxes on firearm sales and parts, establishing a new fund. Money from this fund will be used for violence prevention programs, gun violence research, hate crime data collection, and forensic firearm analysis. This means that purchasing firearms may become more expensive, and the collected funds will be used for initiatives aimed at increasing public safety.
Key points
The tax on firearm sales and parts (e.g., frames, receivers) will increase by 0.5 percentage points.
A special fund (Gun Violence Prevention Trust Fund) will be created with four accounts: for violence prevention, gun violence research, hate crimes data collection, and firearm forensics.
Funds will support community-based violence intervention, scientific research (including firearm suicide prevention), hate crime initiatives, and firearm examiner activities.
Occupational taxes and transfer taxes related to firearms will be adjusted annually for inflation, potentially leading to increases.
Expired
Additional Information
Print number: 118_HR_4283
Sponsor: Rep. Davis, Danny K. [D-IL-7]
Process start date: 2023-06-22