Innovate Less Lethal to De-Escalate Tax Modernization Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Innovate Less Lethal to De-Escalate Tax Modernization Act, amends the Internal Revenue Code to modernize how the National Firearms Act treats certain less-than-lethal projectile devices. Specifically, it exempts these devices from certain firearm and ammunition taxes, provided they meet specific design and velocity requirements. The bill also establishes a process for the Secretary of the Treasury to maintain and update a list of qualifying devices and to report on these devices to Congress.
Key provisions
- Exempts certain less-than-lethal projectile devices from firearm and ammunition taxes.
- Defines ‘less-than-lethal projectile device’ based on design, velocity, and ammunition compatibility.
- Establishes a process for the Secretary of the Treasury to determine if a device qualifies for exemption.
- Requires the Secretary to maintain and annually update a public list of qualifying devices.
- Creates a separate list of devices that do not meet the criteria for exemption.
- Mandates an annual report to Congress detailing the lists of devices.
- Modifies the National Firearms Act to include less-than-lethal projectile devices in exemptions.
- Specifies an effective date for the changes.
Who is affected
- Manufacturers of less-than-lethal projectile devices
- Importers of less-than-lethal projectile devices
- Taxpayers purchasing less-than-lethal projectile devices
Bill text
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