Cotton said the legislation "will remove the red tape that places an undue financial burden on would-be gun owners," according to Breitbart.
The National Rifle Association and the National Shooting Sports Foundation endorsed the legislation.
"This $200 punitive tax has only ever served as a financial barrier for law-abiding Americans to exercise their Second Amendment rights," John Commerford, executive director of National Rifle Association-Institute for Legislative Action, said in a statement, according to Breitbart.