SB01071 Summary

• Establishes a $10 tax on each firearm manufactured in or imported into Connecticut by licensed manufacturers and importers (those producing/importing more than 50 firearms annually) effective October 1, 2013.

• Requires firearm manufacturers and importers to obtain annual licenses from the Commissioner of Revenue Services for $2,500 and file monthly returns reporting firearm sales and taxes owed.

• Authorizes the Commissioner of Revenue Services to examine records, audit taxpayers, assess penalties (10-25% of deficiencies), and collect taxes through liens on real property and other enforcement mechanisms.

• Directs all revenues collected from the firearm tax to the Criminal Injuries Compensation Fund to provide compensation to crime victims and their families.

• Provides taxpayers with appeal rights to the superior court in New Britain within one month of adverse Commissioner decisions, and establishes administrative procedures for tax administration and compliance.