Victims of Handgun Crimes Compensation Tax Act of 1985

[AI summary unavailable — showing source text] Victims of Handgun Crimes Compensation Tax Act of 1985 - Amends the Internal Revenue Code to increase from ten percent to 40 percent the excise tax on pistols and revolvers. Establishes in the Treasury a trust fund to be known as the Victims of Handgun Crimes Trust Fund. Appropriates to such Trust Fund an amount equivalent to 62.5 percent of the amounts received through the imposition of the excise tax on pistols and revolvers. Establishes a program for the compensation of victims of handgun crimes. Provides that such program shall be administered by the States. Sets forth requirements and procedures for such program. Provides that such program shall be funded by payments from the Trust Fund established by this Act.…