Excise Tax Reform Signed Into Law

The National Shooting Sports Foundation spearheaded a concerted effort to correct
an inequity in the excise tax payment schedule for funding of the Wildlife
Restoration Trust Fund, and that effort has culminated with the enactment
of the Firearms Excise Tax Improvement Act of 2010.

This important legislation corrects a longstanding inequity in the Internal
Revenue Code by permitting firearms and ammunition manufacturers to pay the
federal excise tax on a quarterly basis, just as other industries that support
conservation through a federal excise tax do. Historically, firearms and ammunition
manufacturers have paid this tax on a biweekly schedule, forcing many manufacturers
to borrow money to ensure on-time payment. Industry members spent thousands
of staff-hours administering the necessary paperwork to successfully complete
the biweekly tax payments—monies that were due to the federal government
long before manufacturers were paid by their customers.

"This law does not lower the amount of conservation dollars collected;
it simply adjusts the payment schedule to a quarterly period, making it far
more equitable to the manufacturers in our industry," said Steve Sanetti,
president of the NSSF. "Last year, firearms and ammunition manufacturers
contributed approximately $450 million to wildlife conservation through excise
tax payments, and the industry will continue to play a major role in funding
wildlife conservation efforts."