RIFLE Act

Bill 119 hr 2552, also known as the Firearm Transfer Tax Repeal Act, aims to amend the Internal Revenue Code of 1986 by repealing the firearm transfer tax. This tax, which is currently imposed on the transfer of firearms between individuals, would be eliminated if this bill is passed.

The bill also includes provisions for other purposes, although specific details on these purposes are not provided in the summary. It is important to note that the bill does not address any other regulations or restrictions related to firearms, but solely focuses on repealing the transfer tax.

If passed, this legislation would have a direct impact on the cost of transferring firearms between individuals, potentially making it easier and more affordable for individuals to buy and sell firearms. Supporters of the bill argue that the transfer tax is an unnecessary burden on law-abiding gun owners, while opponents may argue that the tax serves as a deterrent to prevent illegal transfers of firearms. Overall, the Firearm Transfer Tax Repeal Act is a straightforward piece of legislation that seeks to eliminate a specific tax related to firearms transfers, without addressing broader gun control issues.