The bill would restore Federal transfer and manufacturing taxes on firearms under the National Firearms Act. It would impose a $200 tax on each firearm transferred, except that firearms classified as any other weapon would be taxed at $5 per firearm, and impose a $200 tax on each firearm made. The changes would apply to calendar quarters beginning more than 90 days after enactment, and $1.7 billion would be appropriated for fiscal year 2026 to the Federal Hospital Insurance Trust Fund, available until expended.

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