Firearm Industry Fairness Act
This bill imposes a 20% surtax on the total revenue of each semi-automatic assault weapon manufacturer or importer. The bill defines semi-automatic assault weapon to include a semiautomatic rifle that has a fixed ammunition feeding device with the capacity to accept more than 15 rounds, semiautomatic pistols and shotguns, and other identified assault weapons.
The bill establishes the Community Violence Intervention and Prevention Trust Fund to hold tax revenues generated by this bill to carry out the Bureau of Justice Assistance Community Violence Intervention and Prevention Initiative to prevent and reduce violent crime in communities.