This legislation fundamentally alters the federal regulation of firearm silencers by removing them from the definition of "firearms" under the National Firearms Act of 1934 . This change eliminates the stringent NFA registration, transfer, and taxation requirements previously applicable to silencers, treating them more like conventional firearms under federal law. The bill stipulates that individuals acquiring or possessing a silencer in accordance with Chapter 44 of Title 18 of the U.S. Code will be considered compliant with any National Firearms Act registration and licensing requirements. Furthermore, it mandates the destruction of all existing silencer registration records maintained in the National Firearms Registration and Transfer Record within 365 days of enactment. A significant provision of the bill is the preemption of state and local laws that impose taxes (other than general sales or use taxes), marking, recordkeeping, or registration requirements on firearm silencers. Instead of NFA taxes, the bill imposes a 10 percent federal excise tax on the sale of firearm silencers or mufflers by manufacturers, producers, or importers. It also amends Title 18 of the U.S. Code to redefine "firearm silencer" and "firearm muffler" and modifies existing provisions related to their transfer and serial number marking by licensed importers and manufacturers.