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 $249.06 million in the 1st calendar quarter of 2024; up 2.1 percent over the same time period reported in 2023.
The report, which covers the time period of January 1, 2024, through March 31, 2024, shows that $80.1 million was due in taxes for Pistols and Revolvers, $81.1 million for Firearms (other)/ Long Guns and $87.9 million for Ammunition (shells and cartridges). Compared to the January to March quarter 2023, tax obligations were up 1.9 percent for Pistols and Revolvers, up 1.0 percent for Firearms (other)/ Long Guns and up 3.5 percent for Ammunition (shells and cartridges).
Translation to sales:
Using the latest tax liabilities reported as an indication of sales, a projection of $2.3 billion was generated for the 1st Quarter calendar year of 2024.
Pistols and revolvers: $80,115,837.38 / .10 = $801,158,373.80 = $801.2 million for Pistols and Revolvers
Firearms (other) /Long guns: $81,095,862.08 / .11 = $737,235,109.82 = $737.2 million for Firearms (other) / Long guns
Ammunition (shells & cartridges): $87,853,420.98 / .11 = $798,667,463.45 = $798.7 million for Ammunition (shells & cartridges)
Total estimation of sales for the quarter: $2,337,060,947.07
