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H. Rept. 119-476 1 (2026-02-02)

handle is hein.congrecreports/crptxahzu0001 and id is 1 raw text is: AUTHENTICATED r U.S. GOVERNMENT INFORMATION 4 119TH CONGRESS REPORT 2d Session J HOUSE OF REPRESENTATIVES 119-476 INNOVATE LESS LETHAL TO DE-ESCALATE TAX MODERNIZATION ACT FEBRUARY 2, 2026.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. SMITH of Missouri, from the Committee on Ways and Means, submitted the following REPORT together with DISSENTING AND ADDITIONAL VIEWS [To accompany H.R. 4242] The Committee on Ways and Means, to whom was referred the bill (H.R. 4242) to amend the Internal Revenue Code of 1986 to modernize the National Firearms Act to account for advancements in technology and less-than-lethal weapons, and for other purposes, having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass. TABLE OF CONTENTS Page I. SUMMARY AND BACKGROUND ............................................................... 3 A. Purpose and Sum m ary ..................................................................... 3 B. Background and Need for Legislation .................... 4 C. Legislative H istory ........................................................................... . 4 D . Designated H earing .......................................................................... 5 II. EXPLANATION OF THE BILL .................................................................. 5 A. Exemption of Certain Less-than-Lethal Projectile Devices from the Firearms and Ammunition Excise Tax and the National Firearms Act (secs. 2 and 3 of the bill and secs. 4182 and 5845 of the Code) ........................................................................... . 5 B. Explanation of Provisions ................................................................. 7 C . E ffective D ate ................................................................................... . 8 III. VOTES OF THE COMM ITTEE ................................................................... 8 IV. BUDGET EFFECTS OF THE BILL ............................................................ 10 A. Committee Estimate of Budgetary Effects .................. 10 B. Statement Regarding New Budget Authority and Tax Expendi- tures Budget Authority ................................................................. 10 69-006