Quoted:
I'd just like to get one before it becomes NFA.
Now lets say I do get one, and it later becomes NFA. I live in Iowa, a non-NFA state. Does that mean I have to get rid of it? Or am I allowed to keep it since I purchaced it earlier?
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No, this is one of the most misunderstood aspects of state law. No state bans Class 3 or NFA firearms. They ban specific firearms based on a definition in the state statutes (I.E. MGs, SBR, SBS, AOW, DD, etc...). So, if the ATF or Congress adds a new gun to the NFA, you can keep it until your state adds it to their statutes or chages their defintion to encompass it.
Also, with it maybe becoming an NFA item, will that make a .50 BMG more valuable for resale/transfer in the years to come?
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Somewhat. If it becomes a DD, it will go up somewhat in value especially in-state due to an udder lack of Lisenced DD Dealers. If classified as a DD, they could still be made, bought, etc...with a $200 tax. But, if they classify it as a MG (which has been considered), the value will go up significantly as no more .50s could be produced for Civie Use. But, they would be basically increasing the supply of transferrable MGs since they'd have to have a registration period for you to register your .50BMG as a MG. I garuntee you if this happens, Barret, et al. will be pumping out as many Semi-Auto .50s as they can before the law takes effect. I once posed the question elsewhere (but this one guy thought I was talking about making illegal MGs, so he jumped down my throat.) as to if they are reclassified as MGs if you can make them fire Full-Auto. After all, they are MGs. Personally, if they do I'd like to see them reclassify any .50 Rifle, so I could build some .50AE AR-15s, Register them as MGs, then convert them to .50AE M16s.