50 Caliber Sniper Rifle Reduction Act - Amends the National Firearms Act to include a 50 caliber sniper weapon (defined as a rifle capable of firing a center-fire 50 caliber cartridge) within the definition of a "firearm" regulated under that Act.
Modifies the definition of "rifle" under the Act to include a weapon intended to be fired from a bipod or other support.
Amends the Brady Handgun Violence Prevention Act to prohibit the transfer or possession of a 50 caliber sniper weapon, with exceptions involving: (1) the transfer to or possession by the United States, a State, or a political subdivision thereof; and (2) otherwise lawful possession of a weapon that was lawfully possessed before the date this provision takes effect. Includes 50 caliber sniper weapons within the scope of penalties under that Act for which an individual may be fined, imprisoned for up to ten years, or both.