Description:
H.R. 7986, Generalized System of Preferences Reform Act As ordered reported by the House Committee on Ways and Means on April 17, 2024 By Fiscal Year, Millions of Dollars20242024-20292024-2034Direct Spending (Outlays)00-10,838Revenues0-6,971-8,336Increase or Decrease (-) in the Deficit06,971-2,502Spending Subject to Appropriation (Outlays)011Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?NoStatutory pay-as-you-go procedures apply?YesMandate EffectsIncreases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?NoContains intergovernmental mandate?NoContains private-sector mandate?Yes, Over ThresholdThe bill wouldRetroactively extend reduced duties on goods imported under the government’s program of Generalized System of Preferences (GSP) through December 31, 2030Modify GSP eligibility requirementsExtend current customs user fees through September 30, 2033Impose a private-sector mandate on U.S. importers by requiring them to remit customs user fees through 2033, rather than 2031Estimated budgetary effects would mainly stem fromRetroactively extending GSP duties and modifying certain requirementsExtending customs user fees
« Return to search CBO reports
