No CRS summary available for this bill.
This section establishes an exemption from the excise tax imposed by section 4181 of the Internal Revenue Code (i.e., the 10% tax on the sale of firearms and certain ammunition) for (1) less-than-lethal projectile devices, (2) devices on a specified Treasury list, and (3) shells or cartridges designed for use in such devices that meet specified requirements. A less-than-lethal projectile device is defined as one that (A) is not designed or readily convertible to expel common handgun, rifle, or shotgun ammunition or projectiles exceeding 500 feet per second, (B) is intended for use unlikely to cause death or serious bodily injury, and (C) does not accept or is not readily modifiable to accept certain ammunition feeding devices (i.e., loaded through a pistol grip or commonly used in semiautomatic firearms). Directs the Secretary of the Treasury to issue classification determinations within 90 days of manufacturer requests, maintain and annually update public lists of qualifying devices and those that would qualify absent the velocity limit (with an annual report to the House Ways and Means and Senate Finance Committees on the latter), and applies the exemption to articles sold by manufacturers, producers, or importers after enactment (with classification requests after enactment and an initial 180-day processing deferral).
This section exempts less-than-lethal projectile devices (as defined in new IRC §4182(d)(2)) and certain other devices (as referred to in new IRC §4182(d)(1)(B)) from the definition of a "firearm" under the National Firearms Act. (Thus, these devices are not subject to NFA registration, transfer taxes, or other requirements.)