Gun Violence Prevention and Safe Communities Act of 2023
This bill increases by .5% the excise tax on firearms, including pistols, revolvers, and shells and cartridges. The bill establishes the Gun Violence Prevention Trust Fund into which the increased tax revenues are deposited to fund gun violence prevention programs. The Trust Fund creates separate accounts for violence prevention, gun violence research, hate crimes data collection and enforcement, and firearm forensics.
The bill also requires an inflation adjustment to the amount of the special tax on importers, manufacturers, and dealers in firearms and the transfer tax on firearms.