Bill > S1224

This bill, known as the RIFLE Act (Repealing Illegal Freedom and Liberty Excises Act), primarily seeks to repeal the firearm transfer tax in the Internal Revenue Code of 1986. Specifically, the bill eliminates Section 5811, which previously imposed a tax on firearm transfers, and makes several conforming amendments to related sections of the tax code to reflect this repeal. The legislation ensures that references to the now-removed tax section are updated to indicate its historical status, with the amendments applying to all firearm transfers occurring after the act's enactment. Additionally, the bill includes a rule of construction clarifying that the repeal does not transfer jurisdiction of firearms regulated under the National Firearms Act to the United States Consumer Product Safety Commission, thus maintaining the existing regulatory framework for these weapons. The bill appears aimed at reducing financial barriers and regulatory complexity associated with firearm transfers by removing the specific transfer tax.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/1224/all-info