Repeal of Federal Firearm Transfer Tax (RIFLE Act)
This Act repeals the federal tax on the transfer of certain firearms, previously collected under Section 5811 of the Internal Revenue Code. For citizens, this means a reduction in the costs associated with the legal acquisition or transfer of ownership of these firearms. The change applies to transfers made after the Act's enactment and does not affect other firearm regulations, including those under the National Firearms Act.
Key points
The federal firearm transfer tax (Section 5811) is eliminated, reducing costs for buyers.
The changes take effect for all firearm transfers occurring after the date the Act is enacted.
The Act does not alter other firearm regulations or place firearms under the jurisdiction of the Consumer Product Safety Commission.
Status:
Introduced
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