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 Dollars
2024
2024-2029
2024-2034
Direct Spending (Outlays)
0
0
-10,838
Revenues
0
-6,971
-8,336
Increase or Decrease (-) in the Deficit
0
6,971
-2,502
Spending Subject to Appropriation (Outlays)
0
1
1
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
No
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?
No
Contains intergovernmental mandate?
No
Contains private-sector mandate?
Yes, Over Threshold
The bill would
Retroactively extend reduced duties on goods imported under the government’s program of Generalized System of Preferences (GSP) through December 31, 2030
Modify GSP eligibility requirements
Extend current customs user fees through September 30, 2033
Impose a private-sector mandate on U.S. importers by requiring them to remit customs user fees through 2033, rather than 2031
Estimated budgetary effects would mainly stem from
Retroactively extending GSP duties and modifying certain requirements
