50 CALIBER RIFLES&AMMO

Creates the 50 Caliber Rifle and 50 Caliber Ammunition Regulation Law in the Criminal Code of 1961. Provides that any person who, within this State, manufactures or causes to be manufactured, distributes, transports, or imports into the State, keeps for sale, or offers or exposes for sale, or who gives or lends a 50 caliber rifle or 50 caliber ammunition is guilty of a Class 2 felony. Provides that any person who, within this State, possesses a 50 caliber rifle or 50 caliber ammunition is guilty of a Class A misdemeanor. Provides that a first violation of these provisions is a petty offense punishable by a fine not exceeding $500, if the person was found in possession of no more than 2 firearms and certain conditions are met. Permits certain persons and entities to obtain a permit to possess or manufacture 50 caliber rifles and 50 caliber ammunition.