The Firearms Excise Tax Improvement Act of 2010 was signed into law on August 16, 2010. This law amends the Internal Revenue Code of 1986 so that firearms and ammunition excise tax (FAET) payments that were otherwise required to be made by semimonthly deposit will be due and payable on the date of filing of the quarterly FAET tax returns. TTB is currently developing guidance to implement the changes made by the new law. We will continue to provide information as it becomes available.
Please note the pertinent language from the law below:
This Act may be cited as the `Firearms Excise Tax Improvement Act of 2010'.
SEC. 2. TIME FOR PAYMENT OF MANUFACTURERS' EXCISE TAX ON RECREATIONAL EQUIPMENT.
(a) In General- Subsection (d) of section 6302 of the Internal Revenue Code of 1986 (relating to mode or time of collection) is amended to read as follows:
`(d) Time for Payment of Manufacturers' Excise Tax on Recreational Equipment- The taxes imposed by subchapter D of chapter 32 of this title (relating to taxes on recreational equipment) shall be due and payable on the date for filing the return for such taxes.'.
(b) Effective Date- The amendment made by subsection (a) shall apply to articles sold by the manufacturer, producer, or importer after the date of the enactment of this Act.