Any semiautomatic firearm with a detachable magazine or internal capacity of 10 rounds or more shall be designated a Title II weapon under the National Firearms Act and its revisions. A new category will be added to the NFA for magazines holding 10 or more rounds.
This legislation extends to all currently owned weapons and magazines. Owners will comply with the NFA or divest themselves of these items within one year.
The NFA requires registration with the ATF, an extensive background check, and the signature of the Chief Law Enforcement Officer (LEO) of his community.
NFA firearms require a $200 tax stamp. Magazines will require a $50 tax stamp. Proceeds will pay costs incurred by the ATF and then provided to the States to improve school security and mental health services.