VA SB763

Imposes an 11% excise tax on firearms and ammunition manufacturers based on gross receipts from sales and distribution in Virginia, effective July 1, 2027

Applies to assault firearms, firearms, and handguns but excludes antique firearms and curios or relics

Exempts sales to federal, state, or local law enforcement agencies from the tax

Directs tax revenue to the general fund with stated intent to use proceeds for gun violence prevention efforts and community safety programs

Administered by the Department of Taxation under existing retail sales and use tax collection procedures