This bill significantly amends the Internal Revenue Code of 1986 and Title 18 of the United States Code to deregulate short-barreled rifles, short-barreled shotguns, and certain other weapons currently classified under the National Firearms Act (NFA). It removes these items from the NFA's definition of firearms, thereby eliminating federal registration requirements, transfer taxes, and specific prohibitions related to their interstate transport and transfer. The legislation also redefines "destructive device" to exclude shotguns and shotgun shells, ensuring weapons designed to shoot shotgun shells are not treated as such. Furthermore, the bill establishes federal preemption over state and local laws that impose taxes, marking, recordkeeping, or registration requirements on these specific weapons, beyond generally applicable sales or use taxes. It mandates that compliance with federal law regarding these weapons satisfies any NFA-referenced state or local registration or licensing requirements. Crucially, the Attorney General is directed to destroy all existing federal registration and transfer records for these newly deregulated short-barreled rifles, short-barreled shotguns, and "any other weapons" within 365 days of the Act's enactment.