Change to tax code simplifies tax collection and payment for gun manufacturers

August 6, 2010

Washington, D.C. – Nevada Senator Harry Reid made the following statement on the passage of the Firearms Excise Tax Improvement Act in the Senate. The legislation changes the tax payment schedule for firearms manufacturers to be the same as other industries. This change will allow companies to remit the tax with their quarterly returns allowing them to focus more time and capital on their businesses.

“For too long the tax rules required the firearms industry to remit the excise taxes they collect on a different schedule than the schedule for filing their returns.” said Reid. “Now we have corrected that and put firearms manufacturers on the same schedule as other parts of the recreational industry. This is a win for jobs and for Nevada’s sportsmen.”