While exact numbers can’t be provided, the Illinois Commission on Government Forecasting and Accountability estimates the state of Illinois is missing out on up to $9 million in sales tax revenue from certain guns being banned for sale.
COGFA says based on data from the Alcohol and Tobacco Tax and Trade Bureau, the federal government has received up to $379 million in firearms and ammunition taxes. That’s off of up to $3.8 billion in total U.S. sales. Extrapolating Illinois’ population in that number indicates up to $145 million in total sales per year. Taxes on that would come out to up to $9 million per year. COGFA member state Rep. C.D. Davismeyer said that’s nothing to dismiss.
COGFA said the law banning certain capacity magazines will “most likely also reduce tax revenue.”
Story from Illinois Radio Network
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