RIFLE Act

Bill: 118-s-4344
Sponsor: full_name: Sen. Cotton, Tom [R-AR]
Introduced: 2024-05-15
Policy area: Taxation
Latest action: action_date: 2024-05-15
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4344 IN THE SENATE OF THE UNITED STATES May 15, 2024 Mr. Cotton (for himself, Mr. Ricketts , Mr. Cramer , Mr. Mullin , Mr. Marshall , Mr. Scott of Florida , Mr. Barrasso , Mr. Daines , Mrs. Blackburn , Mrs. Fischer , Ms. Lummis , Mr. Cornyn , and Mr. Rubio ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to repeal the firearm transfer tax, and for other purposes.

1. Short title This Act may be cited as the Repealing Illegal Freedom and Liberty Excises Act or the RIFLE Act . 2. Repeal of certain taxes relating to firearms (a) Firearm transfer tax repealed Section 5811 of the Internal Revenue Code of 1986 is hereby repealed. (b) Conforming amendments (1) Section 4182(a) of such Code is amended by striking on which the tax provided by section 5811 has been paid and inserting with respect to which the tax provided by section 5811 (as in effect immediately before the enactment of the Repealing Illegal Freedom and Liberty Excises Act ) would have applied but for its repeal . (2) Section 5846 of such Code is amended by striking , 5811, . (3) Section 5852 of such Code is amended by striking section 5811 each place it appears and inserting section 5811 (as in effect immediately before the enactment of the Repealing Illegal Freedom and Liberty Excises Act ) . (4) Section 5853 of such Code is amended by striking section 5811 and inserting section 5811 (as in effect immediately before the enactment of the Repealing Illegal Freedom and Liberty Excises Act ) . (5) Section 5854 of such Code is amended by striking section 5811 and inserting section 5811 (as in effect immediately before the enactment of the Repealing Illegal Freedom and Liberty Excises Act ) . (c) Effective date The amendments made by this section shall apply to transfers after the date of the enactment of this Act. 3. Rule of construction Nothing in this Act shall be construed to place any firearms regulated under Chapter 53 of the Internal Revenue Code of 1986 (the National Firearms Act) under the jurisdiction of the United States Consumer Product Safety Commission.