Safe Streets Act of 1996

Safe Streets Act of 1996 - Amends the Federal criminal code to repeal provisions making inapplicable prohibitions against the transfer of: (1) semiautomatic assault weapons otherwise lawfully possessed under Federal law on the date of the enactment of provisions of the Violent Crime Control and Law Enforcement Act of 1994 regarding assault weapons; and (2) large capacity ammunition feeding devices otherwise lawfully possessed under Federal law on or before such date. Makes such assault weapon provisions permanent.

Revises provisions to set mandatory prison terms for possessing, brandishing, or discharging a firearm or destructive device during a Federal crime of violence or drug trafficking crime. Establishes penalties for second or subsequent convictions. Bars the court from imposing probationary sentences or concurrent terms of imprisonment on persons convicted of such violations.