This bill introduces a gross receipts tax on the retail sales of firearms and firearms ammunition in New Jersey. Specifically, it imposes a 2.5 percent tax on gross receipts from the sale of firearms and a 10 percent tax on gross receipts from the sale of firearms ammunition. The bill outlines that gross receipts do not include sales delivered to common carriers for out-of-state delivery, sales made through the U.S. mail to purchasers outside the state, or sales to federal or state agencies and their instrumentalities.

Additionally, the bill provides definitions for "firearms" and "firearms ammunition," detailing the types of weapons and ammunition covered under the tax. The Director of the Division of Taxation is tasked with collecting and administering the tax, with the authority to adopt necessary regulations for implementation. The bill is set to take effect immediately and will apply to sales made starting from the first day of the first calendar quarter that occurs at least 30 days after its enactment.