Handgun Ammunition Control Act of 1997 - Amends the Federal criminal code to: (1) require each licensed importer and manufacturer of ammunition to maintain records of, and submit an annual report on, the importation, production, shipment, sale, or other disposition of ammunition, including the amount, caliber, and type of ammunition, as prescribed by the Secretary of the Treasury; and (2) increase licensing fees for manufacturers of ammunition.

Directs the Secretary to request the National Academy of Sciences to: (1) prepare a study of the criminal use and regulation of ammunition; and (2) report to the Congress, not later than July 31, 1998, on the potential for preventing crime by regulating or restricting the availability of ammunition.