Repeals the firearm transfer tax as outlined in Section 5811 of the Internal Revenue Code of 1986.
Introduces several conforming amendments to ensure consistency with the repeal across related sections of the Internal Revenue Code.
Amends Section 4182(a) to reflect the repeal of the firearm transfer tax.
Removes references to Section 5811 in Sections 5846, 5852, 5853, and 5854, replacing them with language that references the section as it was before the enactment of the Repealing Illegal Freedom and Liberty Excises Act.
Specifies that the amendments made by this legislation will apply to transfers made after the enactment of the Act.
Includes a rule of construction stating that nothing in the Act should be construed to place firearms regulated under Chapter 53 of the Internal Revenue Code (the National Firearms Act) under the jurisdiction of the United States Consumer Product Safety Commission.
The Act is titled the “Repealing Illegal Freedom and Liberty Excises Act” or the “RIFLE Act”.
