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to remove references to the tax being paid under Section 5811 and instead apply to firearms as if the tax had not been repealed.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
33 bill sponsors
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TrackAshley Hinson
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TrackMark E. Amodei
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TrackJodey C. Arrington
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TrackAndy Barr
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TrackJack Bergman
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TrackMichael Cloud
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TrackMike Collins
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TrackByron Donalds
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TrackTroy Downing
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TrackRandy Feenstra
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TrackBrad Finstad
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TrackCharles J. "Chuck" Fleischmann
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TrackScott Franklin
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TrackGlenn Grothman
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TrackAbraham Hamadeh
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TrackAndy Harris
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TrackClay Higgins
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TrackRichard Hudson
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TrackJulia Letlow
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TrackAnna Paulina Luna
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TrackTracey Mann
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TrackJohn McGuire
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TrackMariannette Miller-Meeks
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TrackJohn R. Moolenaar
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TrackDan Newhouse
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TrackRobert Onder
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TrackMichael A. Rulli
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TrackAdrian Smith
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TrackClaudia Tenney
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TrackBeth Van Duyne
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TrackTim Walberg
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TrackDaniel Webster
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TrackRoger Williams
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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
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