House Sponsors: ERWIN. Short description: FIREARM TAX ACT Synopsis of Bill as introduced: Creates the Firearm Tax Act. Imposes a tax on all persons engaged in the business of selling firearms. Establishes procedures for collection of the tax and how the tax is to be distributed. STATE DEBT IMPACT NOTE HB 419 would have no impact on State debt. FISCAL NOTE (Dpt. of Revenue) HB419 will generate approximately $5 million in tax revenues. However, the additional tax may cause people not to purchase firearms in Illinois, thus reducing potential additional tax revenues from increased tax rates. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status