Do you want an easy way to see how the archery and bowhunting market was doing mid-year? Well, the ATA has you covered.
ATA staff produce quarterly reports that share the most up-to-date federal excise tax contributions for archery-related products. Because manufacturers don’t regularly publish their sales data, the ATA’s FET reports are a good way to track the market and help you make data-driven business decisions.
What is the federal excise tax?
The FET is a 10- to 11-percent tax manufacturers pay on the first sale of firearms, ammunition and some archery equipment under the Federal Aid in Wildlife Restoration Act, more commonly called the Pittman-Robertson Act. The original FET, approved by Congress in 1937, taxed only ammo and firearms. Bows, arrows and all equipment that attaches to bows to shoot archery became subject to the FET in 1972.
Firearms-, ammunition- and archery-industry members – with few exceptions – who manufacture, produce or import taxable equipment must pay the FET. Learn more about the FET here.
How does the ATA produce these reports?
The federal fiscal year runs Oct. 1 to Sept. 30. All companies responsible for paying FET must file a quarterly excise-tax return on IRS Form 720. The IRS collects that data and gives it to the ATA upon request.
Wendy Lang, senior manager of membership, then compiles the numbers into a report each quarter that shows total FET contributions in several archery-related categories, including bows and accessories, and arrow shafts. She also tabulates the four reports into an annual summary each autumn.
What do the numbers tell us?
The FET information and quarterly reports are the best way to compare the industry’s year-to-year performance. Because manufacturers, producers and importers pay the FET based on the sale of bows, arrow shafts and archery accessories, the FET contributions correlate to sales trends. If FET contributions were low, sales were low. In contrast, if FET contributions were high, sales were high.
By comparing these quarterly reports, you’ll identify the industry’s busy season, and you’ll see some quarters are slower than others. By following these reports, companies can identify market trends that help guide or confirm their business decisions.
How can I receive the reports?
The quarterly reports and annual summary, as well as other important FET information, are available for free to ATA members on the ATA’s Resource Website. Please log in to your MyATA member dashboard and click “Download Free ATA Resources.” Then, click “Federal Excise Tax (FET)” under the drop-down menu at the top.
Having trouble logging in to the ATA’s Resource Website? Check your spam filter for an email from firstname.lastname@example.org for temporary login credentials. Follow these how-to guides to learn more about the site.
Further, if you’re a manufacturer, make sure you’re complying with FET requirements. Learn about federal excise tax to ensure your business follows the rules. Visit the IRS website for everything you must know about the FET, and to get a comprehensive list of which archery items are subject to the FET and which items are not.
For FET-related questions and concerns, contact Wendy Lang at (507) 233-8134 or email@example.com.