Montana's Congressman, Denny Rehberg, today voted with his colleagues in the House to pass the Firearms Excise Tax Improvement Act (H.R. 5552). This legislation changes the excise tax payment schedule for firearm and ammunition manufacturers to a quarterly payment schedule from its current biweekly schedule. Rehberg is a cosponsor of this measure.
"I've always said that jobs come from small businesses, and more often than not, the best thing the government can do is get out of the way," said Rehberg, a member of the Second Amendment Task Force. "The paperwork and headache of doing taxes once a year is daunting enough, but we're requiring these small businesses to do it every other week. The more time and effort that goes into filling out burdensome tax forms, the less goes into productivity that generates jobs. Our tax system should never be a structural barrier to economic prosperity."
The bi-weekly requirement of tax payments from firearm and ammunition manufacturers creates a substantial burden across the industry. Some manufacturers are forced to borrow money in order to pay their taxes, incurring expenses and administrative overhead with no corresponding increase in productivity. That costs jobs.
By simply relieving the unreasonable time requirements for these small businesses, we can free them up to do what they do best. Create products that create jobs.
"We're pleased to see passage of HR 5552 because it's a measure that will strengthen wildlife conservation in America," said David Allen, Rocky Mountain Elk Foundation President and CEO. "Firearm and ammunition manufacturers can now grow their businesses--as well as the intended funding for conservation programs--by reinvesting the major resources once needed to administer an inequitable tax collection system."