This bill introduces a new section to the Gross Receipts and Compensating Tax Act, establishing a gross receipts tax holiday for the sale of certain firearms and related supplies from September 8 to December 31 each year. The bill specifies that deductions from gross receipts can be applied to retail sales of various items, including fishing tackle, camping gear, firearms, and their accessories, provided they meet certain price thresholds. For example, fishing tackle priced at $5 or less, camping tents at $200 or less, and firearms and ammunition are included in this tax holiday.

Additionally, the bill clarifies that sales made by businesses operating under a franchise agreement are not eligible for these deductions. It also defines key terms such as "ammunition," "bow," "crossbow," and "firearm" to ensure clarity in the application of the law. The provisions of this act are set to take effect on July 1, 2026.