H.R. 2552: Repealing Illegal Freedom and Liberty Excises Act
This bill, formally known as the “Repealing Illegal Freedom and Liberty Excises Act” or the "RIFLE Act," aims to repeal the existing firearm transfer tax outlined in Section 5811 of the Internal Revenue Code of 1986. Here are the key components of the bill:
1. Repeal of Firearm Transfer Tax
The bill proposes to eliminate the firearm transfer tax, which is a tax imposed on the transfer of certain firearms. This repeal means that individuals and businesses would no longer have to pay this specific tax when transferring firearms.
2. Conforming Amendments
To adjust the tax code following the repeal, the bill includes several amendments to other sections of the Internal Revenue Code:
- Section 4182(a): This section will be amended to remove references to the tax being paid under Section 5811 and instead apply to firearms as if the tax had not been repealed.
- Sections 5846, 5852, 5853, and 5854: These sections will be updated to reflect that references to Section 5811 now pertain to the section as it existed before the repeal.
3. Effective Date
The amendments made by this bill would take effect for firearm transfers occurring after the bill is enacted into law. This means that any transfers made before that date would still be subject to the previous tax.
4. Rule of Construction
The bill clarifies that its provisions should not be interpreted to place firearms covered by the National Firearms Act under the jurisdiction of the U.S. Consumer Product Safety Commission. This means that the repeal of the tax does not change how firearms are regulated under existing laws.
Relevant Companies
- Ruger (RGR): This company manufactures firearms, and the repeal of the firearm transfer tax may lead to increased sales as customers face lower costs when transferring firearms.
- Henry Repeating Arms (HSIC): As a significant firearm manufacturer, this company may also benefit from the changes, potentially seeing a rise in demand for its products due to reduced transfer costs.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
34 bill sponsors
-
TrackAshley Hinson
Sponsor
-
TrackMark E. Amodei
Co-Sponsor
-
TrackJodey C. Arrington
Co-Sponsor
-
TrackAndy Barr
Co-Sponsor
-
TrackJack Bergman
Co-Sponsor
-
TrackMichael Cloud
Co-Sponsor
-
TrackMike Collins
Co-Sponsor
-
TrackByron Donalds
Co-Sponsor
-
TrackTroy Downing
Co-Sponsor
-
TrackRandy Feenstra
Co-Sponsor
-
TrackBrad Finstad
Co-Sponsor
-
TrackCharles J. "Chuck" Fleischmann
Co-Sponsor
-
TrackScott Franklin
Co-Sponsor
-
TrackGlenn Grothman
Co-Sponsor
-
TrackAbraham Hamadeh
Co-Sponsor
-
TrackAndy Harris
Co-Sponsor
-
TrackClay Higgins
Co-Sponsor
-
TrackRichard Hudson
Co-Sponsor
-
TrackJulia Letlow
Co-Sponsor
-
TrackAnna Paulina Luna
Co-Sponsor
-
TrackTracey Mann
Co-Sponsor
-
TrackJohn McGuire
Co-Sponsor
-
TrackMark Messmer
Co-Sponsor
-
TrackMariannette Miller-Meeks
Co-Sponsor
-
TrackJohn R. Moolenaar
Co-Sponsor
-
TrackDan Newhouse
Co-Sponsor
-
TrackRobert Onder
Co-Sponsor
-
TrackMichael A. Rulli
Co-Sponsor
-
TrackAdrian Smith
Co-Sponsor
-
TrackClaudia Tenney
Co-Sponsor
-
TrackBeth Van Duyne
Co-Sponsor
-
TrackTim Walberg
Co-Sponsor
-
TrackDaniel Webster
Co-Sponsor
-
TrackRoger Williams
Co-Sponsor
Actions
2 actions
| Date | Action |
|---|---|
| Apr. 01, 2025 | Introduced in House |
| Apr. 01, 2025 | Referred to the House Committee on Ways and Means. |
Corporate Lobbying
0 companies lobbying
None found.
* Note that there can be significant delays in lobbying disclosures, and our data may be incomplete.
