The proposed Senate Bill 2468 or The Assault Weapon Retailers Tax Act, aims to stifle gun violence in Illinois with a new tax.

It proposes a 10% tax on assault weapons and magazines with capacity of ammunition more than 10 rounds.

The revenue will go into a Firearms Tax Fund to boost programs preventing gun violence in state-owned buildings and schools.

State Sen. Ann Gillespie (D-Arlington Heights) is the chief sponsor of the bill.

In a statement to News 3 Monday, Gillespie said, "“Weapons utilizing high-capacity magazines are the preferred tool of mass shooters. Classrooms are becoming more dangerous and schools now require costly safety measures to adapt to this new reality. Taxing the profits from the sale of these weapons to fund enhanced school safety measures, rather than burdening taxpayers, is a reasonable response.”