Bill
Bill > SB763
summary
Introduced
01/21/2026
01/21/2026
In Committee
02/12/2026
02/12/2026
Crossed Over
02/05/2026
02/05/2026
Passed
Dead
Introduced Session
Potential new amendment
2026 Regular Regular Session
Bill Summary
Retail sales and use tax; firearm and ammunition tax. Imposes a firearm and ammunition tax equal to 11 percent of the gross receipts from the sale and distribution of any firearm or ammunition by a firearms or ammunition manufacturer, as such terms are defined in the bill. The bill provides that proceeds from such tax shall be distributed to the general fund with the intent that such proceeds are used for gun violence prevention efforts and community safety in the Commonwealth. The bill contains a delayed effective date of July 1, 2027.
AI Summary
This bill establishes a new tax on firearms and ammunition sold by manufacturers in Virginia, effective July 1, 2027. It defines "firearm" to include assault firearms, firearms, and handguns, excluding antique firearms and curios or relics, and defines "firearm and ammunition manufacturer" as any entity licensed to produce these items under federal law. The tax will be 11 percent of the gross receipts, which refers to the total revenue from sales as defined in another section of the tax code, and will be collected by the Department of Taxation. Importantly, this tax will not apply to gross receipts from the retail sale of firearms, firearm precursor parts, or ammunition to federal, state, or local law-enforcement agencies. The revenue generated from this tax is intended to be used for gun violence prevention efforts and community safety initiatives within the Commonwealth.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Continued to next session in Finance (Voice Vote) (on 02/25/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/bill-details/20261/SB763 |
| Finance Amendment | https://lis.virginia.gov/bill-details/20261/SB763/text/SB763AHC1 |
| Fiscal Note/Analysis - Fiscal Impact statement From TAX (2/23/2026 3:25 pm) | https://lis.blob.core.windows.net/files/1177427.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/SB763/text/SB763S1 |
| Fiscal Note/Analysis - Fiscal Impact statement From TAX (1/28/2026 9:12 pm) | https://lis.blob.core.windows.net/files/1100543.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/SB763/text/SB763 |
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