Sec. 3. Special tax and licensing relating to firearms
472 words·~2 min read·
/bill/113/hr/3018/ih/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subsection
(a)of section 5801 of the Internal Revenue Code of 1986— in paragraph
(1)by striking $1,000 and inserting $2,000 , and in paragraph
(2)by striking $500 and inserting 50 percent of the dollar amount applicable under paragraph
(1)for the taxable year . Paragraph
(1)of section 5801(b) of such Code is amended by striking substituting and inserting $500 for $1,000 substituting . 50 percent of the dollar amount applicable under such paragraph for the taxable year for $2,000 Section 5801 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of any taxable year beginning in a calendar year after 2014, the dollar amount in subsection (a)(1) shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2013 for calendar year 1992 in subparagraph
(B)thereof. If any increase under paragraph
(1)is not a multiple of $10, such increase shall be rounded to the next lowest multiple of $10. . Subsection
(a)of section 5811 of the Internal Revenue Code of 1986 is amended— by striking $200 and inserting $500 , and by striking $5 and inserting $100 . Section 5811 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: In the case of any taxable year beginning in a calendar year after 2014, each dollar amount in subsection
(a)shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2013 for calendar year 1992 in subparagraph
(B)thereof. If any increase under paragraph
(1)is not a multiple of $5, such increase shall be rounded to the next lowest multiple of $5. . The first sentence of section 5845(a) of the Internal Revenue Code of 1986 is amended— by striking and before
(8), by striking device. and inserting device, and , and by adding at the end the following:
(9)a semiautomatic pistol chambered for cartridges commonly considered rifle rounds, configured with receivers commonly associated with rifles and capable of accepting detachable magazines. . Except as provided by paragraph (2), the amendments made by this section shall take effect on July 1, 2014. The amendment made by subsection
(b)shall apply to transfers after December 31, 2013. Any person engaged on July 1, 2014, in any trade or business which is subject to an occupational tax by reason of the amendment made by subsection
(b)shall be treated for purposes of such tax as having first engaged in a trade or business on such date.