Changes federal tax and criminal-law definitions and treatment of certain shotguns and related items, says federal compliance with National Firearms Act (NFA) rules satisfies state or local registration/licensing requirements, preempts many state/local taxes and marking/recordkeeping rules tied to interstate or foreign commerce for specified short-barreled weapons, and requires the Attorney General to destroy specified federal NFA registration and transfer records within 365 days.

The bill amends the Internal Revenue Code and Title 18 to reclassify some firearms/shotgun items (including exclusions from the "destructive device" label), modifies statutory text in 18 U.S.C. §922, creates a federal rule that state/local registration tied to the NFA is satisfied by compliance with federal law, blocks many state or local taxes/registration/recordkeeping for certain NFA weapons when the activity affects interstate/foreign commerce, and mandates destruction of certain entries in the National Firearms Registration and Transfer Record (NFRTR).