Sponsors (34)
The bill lowers costs and regulatory burdens for firearm buyers, owners, and industry while sacrificing federal excise revenue and narrowing federal safety-regulation options and accountability for NFA firearms.
Firearm buyers (taxpayers purchasing firearms) pay lower upfront costs because the federal transfer excise tax on firearm transfers is repealed.
Manufacturers and dealers of NFA-regulated firearms (including small businesses) avoid new CPSC-driven compliance costs and regulatory uncertainty.
Owners of NFA-regulated firearms retain regulatory clarity because NFA items remain under existing federal oversight rather than being shifted to CPSC rulemaking.
Taxpayers broadly face lower federal revenues because annual excise tax receipts from firearm transfers would stop, which could increase deficits or reduce available funds.
Programs previously supported by those excise-tax receipts may face cuts or require offsetting funding from general revenues, shifting costs to taxpayers or other programs.
Law enforcement and the public lose an avenue of federal safety oversight because repeal blocks CPSC safety standards/recall avenues and removes a price-based disincentive on some firearm transactions, potentially limiting tools to reduce firearm-related harms.
Based on analysis of 3 sections of legislative text.
Repeals the federal firearm transfer tax and updates the tax code, effective for transfers after enactment; preserves existing NFA jurisdiction by excluding those firearms from CPSC authority.
Repeals the federal firearm transfer tax that applies to certain transfers of firearms and updates Internal Revenue Code language to remove references to that tax. The repeal applies to transfers occurring after the law takes effect. The law also clarifies that existing jurisdiction over firearms regulated under the National Firearms Act remains with current authorities and is not transferred to the Consumer Product Safety Commission.
Introduced April 1, 2025 by Ashley Hinson · Last progress April 1, 2025