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FAET Obligations Update
Following are the results of the Firearms and Ammunition Excise Tax (FAET) collections report for the first quarter calendar year 2012. These figures cover the period of Jan. 1, 2012 through Mar. 31, 2012.
These 10 to 11 percent excise tax dollars collected since 1937 under the Pittman-Robertson Federal Aid in Wildlife Restoration Act are specifically designated to be used by state wildlife agencies for conservation. Collectively, purchasers of firearms and ammunition and hunters are the single-largest source of wildlife conservation funding. ------------------------------------ 1st Quarter 2012 Calendar Year Excise Tax Obligations Up 32.16 Percent Over Same Quarter Last Year
The latest Firearms and Ammunition Excise Tax Collection report released by the Department of the Treasury indicates that firearm and ammunition manufacturers reported tax liabilities of $145.6 million in the first calendar quarter of 2012, up 32.16 percent over the same time period reported in 2011. This 2012 first-quarter total is the highest quarter reported since TTB took over record collection in 1991 - surpassing the previous highest quarter reported (2nd quarter 2009) by 14.26%. The report, which covers the time period of Jan. 1, 2012 through Mar. 31, 2012, shows that $49.94 million was due in taxes for Pistols and Revolvers, $48.60 million for Firearms (other)/ Long Guns and $47.09 million for Ammunition (shells and cartridges). Compared to the same time period in 2011, tax obligations were up 34.53 percent for Pistols and Revolvers, up 44.13 percent for Firearms (other)/ Long Guns and up 19.69 percent for Ammunition (shells and cartridges). Translation to sales: Using the latest tax liabilities reported as an indication of sales, a projection of $1.37 billion was generated for the first quarter calendar year of 2012. Pistols and revolvers: Firearms (other) /Long guns: Ammunition (shells & cartridges): Total estimation of sales for the quarter: $1,369,238,998.22. View Excise Taxes/Projected Sales Chart Please note: These figures reflect what excise taxes the manufacturers have filed and do NOT reflect retail mark-up and final retail sales. These figures represent tax liabilities reported on returns filed as of July 31, 2012 and are only accurate as of this date. Late filed or amended tax returns could be filed for this tax period after the date of this email. These late filed or amended returns will increase or decrease the tax liability for this period. Future Alcohol and Tobacco, Tax and Trade Bureau (TTB) statistical releases will include the updated liabilities and therefore will not agree with the figures provided in this email. In addition, these amounts are the gross amounts of liability for each category -- not the net amount of FAET paid for each category. These amounts do not reflect increasing or decreasing adjustments. ------------------------------------------------------------ For additional data on Firearms and Ammunition Excise Tax Collections (FAET), NSSF members can log in at nssf.org/members and click "NSSF Industry Research" then "Quarterly FAET / Excise Tax Data." |
