Bill 119 hr 322, also known as the "De Minimis Value Act," aims to amend the Tariff Act of 1930 in order to update and clarify the de minimis treatment under that Act. The de minimis value refers to the threshold at which imported goods are exempt from certain duties and taxes.
The bill seeks to increase the de minimis value from $800 to $2,000 for goods imported into the United States. This means that goods valued at $2,000 or less would be exempt from certain duties and taxes, making it easier and more cost-effective for individuals and businesses to import goods into the country.
The purpose of this amendment is to modernize and streamline the customs process, making it more efficient and less burdensome for both importers and customs officials. Supporters of the bill argue that increasing the de minimis value will help facilitate trade and boost economic growth by reducing costs and administrative burdens associated with importing goods.
Opponents of the bill, however, raise concerns about potential revenue losses for the government and the impact on domestic industries. They argue that increasing the de minimis value could lead to increased competition from foreign goods, potentially harming American businesses and workers.
Overall, the De Minimis Value Act aims to strike a balance between facilitating trade and protecting domestic industries. The bill is currently under consideration in Congress, and its ultimate impact remains to be seen.