H.R. 7986, Generalized System of Preferences Reform Act
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
- Extending customs user fees
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