E-Update on Second Amendment Rights: Reducing the Tax Burden on Small Businesses That Manufacture Firearms and Ammunition
Knowing your interest in 2nd Amendment rights issues, I wanted to bring to your attention a recent legislative effort I have joined to lessen the tax burden on firearms and ammunition manufacturers. Current federal law requires these manufacturers to pay an excise tax that is used to fund wildlife restoration efforts. This tax is due every two weeks, unlike other federal excise taxes such as those on alcohol and tobacco, which are paid on a quarterly basis. The frequency of tax payments presents an administrative burden to manufacturers and can create cash flow problems, particularly for small businesses.
I recently agreed to cosponsor H.R. 510, which would allow manufacturers of firearms and ammunition to pay excise taxes quarterly like other businesses. This legislation has support from the National Rifle Association as well as a number of hunting groups. As a member of the Ways and Means Committee, which has jurisdiction over the federal tax code, I will be looking out for opportunities to advance this common-sense correction. Share your thoughts
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