(b) Increase in Transfer Tax on Firearms-
(1) IN GENERAL- Subsection (a) of section 5811 of the Internal Revenue Code of 1986 is amended--
(A) by striking ‘$200’ and inserting ‘$500’, and
(B) by striking ‘$5’ and inserting ‘$100’.
(2) ADJUSTMENT FOR INFLATION- Section 5811 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
‘(d) Adjustment for Inflation- In the case of any taxable year beginning in a calendar year after 2014, each dollar amount in subsection (a) shall be increased by an amount equal to--
‘(1) such dollar amount, multiplied by
‘(2) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting ‘calendar year 2013’ for ‘calendar year 1992’ in subparagraph (B) thereof.
If any increase under paragraph (1) is not a multiple of $5, such increase shall be rounded to the next lowest multiple of $5.’.
Search found 2 matches
- Tue Aug 27, 2013 9:34 am
- Forum: General Texas CHL Discussion
- Topic: HR 3018
- Replies: 23
- Views: 4898
Re: HR 3018
It also increases the tax to transfer a firearm:
- Tue Aug 27, 2013 9:32 am
- Forum: General Texas CHL Discussion
- Topic: HR 3018
- Replies: 23
- Views: 4898
HR 3018
There's a new bill in Congress that will impose a new 20% tax on firearms and a 50% tax on ammunition.
It also increases the fees paid by firearms dealers by 100% and adjusts the fees for inflation.
http://www.govtrack.us/congress/bills/113/hr3018/text" onclick="window.open(this.href);return false;
It also increases the fees paid by firearms dealers by 100% and adjusts the fees for inflation.
http://www.govtrack.us/congress/bills/113/hr3018/text" onclick="window.open(this.href);return false;