California Gov. Gavin Newsom affixed his signature to a pioneering state excise tax on the sale of firearms and ammunition, a groundbreaking measure aimed at garnering an estimated annual revenue of $160 million for the prevention of gun violence.
This distinctive California excise tax is scheduled to be implemented in July 2024, introducing an additional 11% assessment to the prevailing federal excise tax on firearms and ammunition. The federal excise tax itself is apportioned at a rate of either 10% or 11%, contingent upon the classification of the weapon.
Governor Newsom's endorsement of this legislative endeavor coincided closely with a federal judge's ruling, issued just four days prior, which invalidated a California prohibition on high-capacity ammunition magazines. The judge deemed this ban to be an unconstitutional infringement upon the Second Amendment rights of gun owners.
Governor Newsom's office underscored that his decisive action in the realm of gun safety was prompted by a series of tragic shootings that have unfolded across the nation, resulting in the loss of at least 104 lives over the past 74 hours.