Sec. 3. Inflation adjustment of occupational and transfer taxes relating to firearms
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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 period beginning in a calendar year after 2022, the $1,000 amounts in subsections (a)(1) and (b)(1) and the $500 amounts in subsections (a)(2) and (b)(1) shall each 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 2021 for calendar year 2016 in subparagraph (A)(ii) thereof.
If any increase under the preceding sentence is not a multiple of $10, such increase shall be rounded to the next lowest multiple of $10. . The amendment made by this section shall apply to taxable periods beginning after December 31, 2022. 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 transfer after 2022, the $200 and $5 amounts in subsection
(a)shall each 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 transfer occurs, determined by substituting calendar year 2021 for calendar year 2016 in subparagraph (A)(ii) thereof. If any increase under the preceding sentence is not a multiple of $5 ($1 in the case of any increase of the $5 amount), such increase shall be rounded to the next lowest multiple of $5 ($1 in the case of any increase of the $5 amount). . The amendment made by this section shall apply to transfers after December 31, 2022.