Special Occupational Taxpayers
- Special Occupational Taxpayers
-
Special Occupational Taxpayers are a group of Federal Firearm Licensees who manufacture, import and/or transfer NFA weapons.[1] The National Firearms Act Special Occupational Taxpayer class is part of the Internal Revenue Code of 1986.
The Special Occupational Tax is due on or before July 1 of each year. The tax rate for every importer and manufacturer is $1,000 per year or part of a year. The tax rate for each dealer is $500 a year or part of a year. Importers and manufacturers engaged in business with less than $500,000 in gross receipts in the most recent taxable year are given relief in the form of a $500 reduction in SOT tax payment making the total SOT tax $500.[2] In addition to the SOT tax, all importers and manufacturers must pay an annual Excise tax to the TTB for firearms imported or manufactured for re-sale.[3]
Special Occupational Taxpayer Classes
- Class 1, Usage: importer of NFA firearms
- Class 2, Usage: manufacturer and dealer of NFA firearms
- Class 3, Usage: dealer of NFA firearms
To get a Class 1 SOT status, an importer FFL is needed, which includes Type 8, 11
To get a Class 2 SOT status, a manufacturer FFL is needed, which includes Type 7, 10
To get a Class 3 SOT status, a dealer or manufacturer FFL is needed which includes Type 1, 2, 7, 8, 9, 10 or 11[4]
See Also
References
External links
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