Federal Firearms and Ammunition Excise Tax Law and Legal Definition
Firearms and Ammunition Excise Tax (FAET) is a federal tax imposed on the sale of firearms and ammunition by manufacturers, producers, and importers. This tax was created for the first time in 1919 pursuant to the provisions of Chapter 32 of the Internal Revenue Code.
Different federal agencies have been responsible for overseeing the collection of FAET. From 1919 to 1990, the Internal Revenue Service (IRS) was responsible for collecting FAET. On January 1, 1991, this function was transferred from the IRS to the Bureau of Alcohol, Tobacco and Firearms (ATF).
Legal Definition list
- Federal Financing Bank [FFB]
- Federal Financing Bank
- Federal Financial Institutions Regulatory Agencies [Banks & Banking]
- Federal Financial Institutions Examination Council
- Federal Financial Assistance [Education]
- Federal Firearms and Ammunition Excise Tax
- Federal Fishery Management Plan
- Federal Food, Drug, and Cosmetic Act of 1938
- Federal Form 4473
- Federal Functional Regulator
- Federal Funding Opportunity
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