Duty Drawback Clarification Ac

t of 2020.

Bill 117 hr 6854, also known as the Duty Drawback Clarification Act of 2020, aims to clarify and streamline the duty drawback process for businesses in the United States. Duty drawback is a refund of certain duties, taxes, and fees paid on imported merchandise that is subsequently exported or destroyed.

The bill seeks to provide greater transparency and consistency in the duty drawback process by requiring the Department of Homeland Security to establish a centralized electronic system for the submission and processing of duty drawback claims. This system would allow businesses to more easily submit their claims and track their status, reducing the administrative burden on both businesses and government agencies. Additionally, the bill includes provisions to improve the accuracy and timeliness of duty drawback payments by requiring the Department of Homeland Security to establish specific timeframes for processing claims and issuing refunds. This would help businesses receive their refunds in a more timely manner, providing them with much-needed liquidity to reinvest in their operations. Overall, the Duty Drawback Clarification Act of 2020 aims to modernize and simplify the duty drawback process, making it easier for businesses to take advantage of this important trade incentive. By providing greater transparency, consistency, and efficiency, the bill seeks to support American businesses and promote economic growth.