Summary
Creates the Assault Weapon Retailers' Tax Act. Imposes a tax on licensed firearm dealers engaged in the State in the business of making retail sales of assault weapons, large capacity ammunition feeding devices, or both. Provides that the tax shall be imposed at the rate of 10% of the retail selling price each assault weapon or large capacity ammunition feeding device sold in the State. Provides that the proceeds from the tax shall be deposited into the Firearms Tax Fund. Provides that moneys in the Firearms Tax Fund shall be used to prevent gun violence in schools and State-owned buildings. Amends the State Finance Act to create the Firearms Tax Fund.