Following are the results of the Firearms and Ammunition Excise Tax (FAET) collections report for the 2nd Quarter Calendar Year 2023. These figures cover the period of April 1, 2023, through June 30, 2023.
This is the third-highest figure reported for Calendar Quarter-2.
CATEGORY: Tax Collections (Taxpayers)
Pistols and Revolvers: $78,617,341.77 (200)
Firearms (Other) / Long guns: $77,910,541.94 (273)
These 10 to 11 percent excise tax dollars collected since 1937 under the Pittman-Robertson Federal Aid in Wildlife Restoration Act are specifically designated to be used by state wildlife agencies for conservation. To date more than $16.6 billion has been administered through this successful Act. Collectively, purchasers of firearms and ammunition and hunters are the single-largest source of wildlife conservation funding. Adjusted for inflation this brings Wildlife Restoration Act and Hunter Education Apportionments to over $25 billion.
2nd Calendar Quarter Excise Tax Obligations for 2023 Down 13.4 Percent Over Last Year
The latest Firearms and Ammunition Excise Tax Collection report released by the Department of the Treasury indicates that firearm and ammunition manufacturers reported tax liabilities of $239.5 million in the 2nd calendar quarter of 2023; down 13.4 percent over the same time period reported in 2022. The report, which covers the period of April 1, 2023, through June 30, 2023, shows that $78.6 million was due in taxes for Pistols and Revolvers, $77.9 million for Firearms (other)/ Long Guns and $82.9 million for Ammunition (shells and cartridges). Compared to the April to June quarter 2022, tax obligations were down 10.2 percent for Pistols and Revolvers, down 4.5 percent for Firearms (other)/ Long Guns and down 22.6 percent for Ammunition (shells and cartridges).
Translation to sales:
Using the latest tax liabilities reported as an indication of sales, a projection of more than $2.2 billion was generated for the 2nd Quarter calendar year of 2023.
Pistols and revolvers: $78,617,314.77 / .10 = $786,173,147.70 = $786.2 million for Pistols and Revolvers
Firearms (other) /Long guns: $77,910,541.94 / .11 = $708,277,654.00 = $708.3 million for Firearms (other) / Long guns
Ammunition (shells & cartridges): $82,931,140.61 / .11 = $753,919,460.09 = $753.9 million for Ammunition (shells & cartridges)
Total estimation of sales for the quarter: $2,248,370.531.79
