The proposed bill amends New Jersey's firearm laws by removing the capacity limit for ammunition magazines, specifically eliminating the definition of "large capacity ammunition magazine," which previously referred to any container capable of holding more than 10 rounds of ammunition. This change is reflected in the deletion of relevant legal language from N.J.S.2C:39-1, allowing for the legal possession of magazines that exceed this capacity. Additionally, the bill modifies the definition of "assault firearm" by removing restrictions on semi-automatic rifles and shotguns based on magazine capacities and features, thereby broadening the legal framework surrounding firearm ownership in the state.

Furthermore, the bill introduces new regulations regarding the possession of certain types of ammunition, such as hollow nose or dum-dum bullets, and armor-piercing ammunition, categorizing violations as fourth-degree crimes for individuals, except for law enforcement officers or licensed collectors. It also establishes penalties for the manufacture and distribution of firearms using a three-dimensional printer without proper licensing, classifying these offenses as second-degree crimes. The bill aims to enhance public safety while simplifying the legal landscape for firearm ownership, with the act set to take effect immediately upon passage.