Gun Reports - News
Industry members urged to support excise tax reform bills
March 12, 2010Printer Friendly | Email |
All firearms and ammunition industry members and their customers should urge their senators and representatives to support changes in the excise tax payment schedule.
The National Shooting Sports Foundation (NSSF) has been working with a broad coalition of sportsmen and conservation groups, including Congressional Sportsmen's Foundation, the National Rifle Association and Ducks Unlimited, in an effort to reform the federal excise tax.
According to the NSSF, The Firearms Fairness and Affordability Act (S. 632 / H.R. 510) will not reduce the amount of the tax collected, but will allow the firearms and ammunition industry to pay the FAET on a quarterly basis, the same payment schedule as every other industry that supports conservation. Currently firearms and ammunition manufacturers must pay the FAET bi-weekly. This payment schedule forces many manufacturers to borrow money to ensure on-time payment, and industry members spend thousands of man-hours administering the necessary paperwork to successfully complete the bi-weekly payments -- monies that are due long before manufacturers are paid by their customers.
It's pro-conservation, pro-business bipartisan legislation to bring fairness and equity to the excise tax payment schedule.
There are currently 110 sponsors /co-sponsors of HR 510 and 18 in the Senate (S. 632).
The NSSF has a link to help send emails and letters to the appropriate legislators. Click here to compose a fill in the blanks message, or contact the U.S. Capitol Switchboard at 202-224-3121.
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