S.1224

Repeals the firearm transfer tax under the Internal Revenue Code of 1986.

The RIFLE Act repeals the firearm transfer tax outlined in Section 5811 of the Internal Revenue Code of 1986. It also makes conforming amendments to other sections of the Code to reflect the repeal, ensuring that references to the repealed tax are updated. The changes apply to firearm transfers occurring after the enactment of this Act. Importantly, the Act clarifies that firearms regulated under the National Firearms Act remain outside the jurisdiction of the United States Consumer Product Safety Commission.