HB 481 proposes creating a new offense for knowingly possessing, selling, renting, leasing, or transferring a large-capacity magazine, defined as a detachable ammunition feeding device that holds more than 10 rounds. The bill exempts .22 caliber tube ammunition feeding devices, tubular magazines in lever-action firearms, permanently disabled magazines, and magazines rendered inoperable. Law enforcement officers and military personnel performing official duties are also exempt. Possession of such magazines is a Class A misdemeanor. The bill includes a grandfather clause for individuals who lawfully possessed such devices as of August 31, 2025.