On June 29, the U.S. House of Representatives passed the Firearms Excise Tax Improvement Act of 2010 (HR 5552) by a vote of 412 to 6. The bill is now pending in the Senate.
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 excise tax is the major revenue source of wildlife conservation in the United States. This legislation will not increase the federal deficit, nor does it reduce the excise tax rate — it simply changes the payment schedule.
Call your senators today at 202-224-3121 and ask them to support Senate passage of H.R. 5552 before Congress adjourns for the summer.