Repeals the federal firearm transfer tax in the Internal Revenue Code and updates other tax-code cross-references so the tax no longer applies to firearm transfers that occur after this Act becomes law. It removes or replaces references to the repealed tax in several related Code sections. The Act also makes clear that repealing this tax does not put National Firearms Act (NFA)–regulated firearms under the jurisdiction of the U.S. Consumer Product Safety Commission (CPSC).