Generalized System of Preferences Bill Vote Scheduled for Feb. 13
The House of Representatives will vote Feb. 13 on a bill to extend the Generalized System of Preferences, according to an announcement from Majority Leader Kevin McCarthy's office. The bill extends the tariff exemptions through the end of 2020, and…
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it allows importers to be reimbursed for tariffs paid on goods this year that should have been entered duty-free (see 1802080058). A companion bill has not yet been introduced in the Senate, but Finance Committee Chairman Orrin Hatch, R-Utah, "recognizes the importance of this program, which enjoys strong bipartisan support in Congress. He is talking with members on how to best move forward and ensure the program is renewed as soon as possible," a commmittee spokeswoman said. Articles classified by CBP under about 3,500 tariff rate lines were duty-free from 120 GSP beneficiaries. The program helped importers avoid more than $865 million in tariffs in 2017, according to a statement Feb. 8 from House Trade Subcommittee Chairman Dave Reichert, R-Wash., who introduced the bill, H.R. 4979, with Ways and Means Chairman Kevin Brady, R-Texas, that day.