Industry association applauds firearms bill proposal
April 23, 2009 by Personal Liberty News Desk
The National Shooting Sports Foundation (NSSF) has praised a legislative proposal that addresses the issue of the frequency with which firearms and ammunition manufacturers pay a federal excise tax on their sales.
The bill was introduced by Senator Max Baucus, a Montana Democrat, and chairman of the Senate Finance Committee.
The Firearms Fairness and Affordability Act will allow the firearms and ammunition industry to pay the firearms and ammunition excise tax (FAET) on a quarterly basis – instead of bi-weekly – the same payment schedule on which every other industry supporting conservation pays the federal excise tax.
FAET is a major source of wildlife conservation funding in the U.S.
"Singling out the firearms industry for tax payments every two weeks is bureaucratic and discriminatory," said Senator Mike Crapo, an Idaho Republican, who joined Senator Baucus in sponsoring the bill and is the current co-chair of the Congressional Sportsmen’s Caucus.
He added, "Changing to a quarterly excise tax payment system … will allow firearms manufacturers to reinvest funds into developing new products and marketing efforts."
NSSF is the trade association for the firearms, ammunition, hunting and shooting sports industry.