The bill proposes to exempt firearms, firearms accessories, and ammunition manufactured in New Hampshire from federal laws, regulations, and taxation by declaring that such items, when made and retained within the state, are not subject to federal regulation under Congress's authority to regulate interstate commerce. The bill defines terms such as "firearms accessories," "generic and insignificant parts," and "manufactured," and stipulates that firearms manufactured in New Hampshire must be marked with "Made in New Hampshire." It also outlines penalties for public servants and federal officials who attempt to enforce federal laws on firearms made and kept within the state, classifying such enforcement as a class A misdemeanor for state public servants and a class B felony for federal officials or employees.

The fiscal note attached to the bill indicates that there is no determinable fiscal impact on state, county, or local revenues or appropriations. However, expenditures are indeterminable due to the potential impact on the judicial and correctional systems, with costs associated with penalties outlined but not quantifiable in terms of the number of charges that might be brought as a result of the bill. The bill is set to take effect on January 1, 2024, and the fiscal note provides detailed potential costs associated with the judicial process, public defense, and incarceration, although these are subject to the number of cases that may arise from the bill's implementation.