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June 29, 2010
U.S. House passes pro-industry, pro-conservation excise tax improvement legislation
NSSF hailed today’s passage of the Firearms Excise Tax Improvement Act of 2010 (H.R. 5552).
The bi-partisan legislation, sponsored by Rep. Ron Kind (D-WI), had 54 original co-sponsors and sailed through the House by a vote of 412-6.
This legislation corrects a longstanding inequity in the Internal Revenue Code by permitting firearm and ammunition manufacturers to pay the federal excise tax payment on a quarterly basis, like other industries that support conservation through a federal excise tax.
Currently, manufacturers pay this tax on a bi-weekly schedule, forcing many manufacturers to borrow money to ensure on-time payment. Industry members spend thousands of man-hours administering the necessary paperwork to successfully complete the bi-weekly tax payments — monies that are due to the federal government long before manufacturers are paid by their customers.
“This bill will strengthen wildlife conservation funding in America by helping manufacturers to grow their businesses,” said NSSF Senior Vice President and General Counsel Lawrence G. Keane. “We are thankful for the tremendous support and leadership of Representatives Ron Kind, sponsor of this bill, and Paul Ryan (R-WI), co-chairman of the Congressional Sportsmen’s Caucus, for championing this commonsense legislation.”
The firearm and ammunition excise tax is the major revenue source for funding the Wildlife Restoration Trust Fund (also known as the Pittman Robertson Trust Fund). Last year, firearm and ammunition manufacturers contributed approximately $450 million to wildlife conservation through excise tax payments.
Read the complete NSSF news release.
Categories: Conservation, Government Relations, Industry News, Top Stories
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