A bill to amend the Internal Revenue Code of 1954 to impose an additional tax on handguns, to establish a program for the compensation of victims of handgun crimes, and to use the proceeds of such additional tax to fund victim compensation under such program.
Victims of Handgun Crimes Compensation Tax Act of 1985 - Amends the Internal Revenue Code to increase from ten percent to 40 percent the excise tax on pistols and revolvers.
Establishes in the Treasury a trust fund to be known as the Victims of Handgun Crimes Trust Fund. Appropriates to such Trust Fund an amount equivalent to 62.5 percent of the amounts received through the imposition of the excise tax on pistols and revolvers.
Establishes a program for the compensation of victims of handgun crimes. Provides that such program shall be administered by the States. Sets forth requirements and procedures for such program. Provides that such program shall be funded by payments from the Trust Fund established by this Act.
Introduced in House
Introduced in House
Referred to House Committee on The Judiciary.
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Criminal Justice.
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