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To amend the Tariff Act of 1930 to treat certain merchandise as unused merchandise for drawback purposes.

12/19/2024, 9:06 AM

Summary of Bill HR 7864

Bill 118 hr 7864, also known as the "Unused Merchandise Drawback Act," aims to amend the Tariff Act of 1930 in order to classify certain merchandise as unused for the purpose of drawback. Drawback is a process that allows for the refund of duties paid on imported goods that are subsequently exported or destroyed.

The bill specifies that merchandise will be considered unused if it has not been used or altered in any way after being imported into the United States. This includes goods that have not been processed, assembled, or incorporated into other products. By treating these goods as unused, importers will be eligible to receive drawback refunds on the duties paid when the merchandise was brought into the country.

The goal of this legislation is to provide importers with a financial incentive to export unused merchandise, thereby promoting international trade and economic growth. By allowing for drawback refunds on these goods, the bill aims to reduce the financial burden on importers and encourage them to participate in global commerce. Overall, the Unused Merchandise Drawback Act seeks to streamline the drawback process and make it easier for importers to receive refunds on duties paid for unused merchandise. This could potentially lead to increased exports and a boost to the US economy.

Current Status of Bill HR 7864

Bill HR 7864 is currently in the status of Bill Introduced since April 2, 2024. Bill HR 7864 was introduced during Congress 118 and was introduced to the House on April 2, 2024.  Bill HR 7864's most recent activity was Referred to the Subcommittee on Trade. as of December 17, 2024

Bipartisan Support of Bill HR 7864

Total Number of Sponsors
2
Democrat Sponsors
0
Republican Sponsors
2
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
1
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 7864

Primary Policy Focus

Foreign Trade and International Finance

Alternate Title(s) of Bill HR 7864

To amend the Tariff Act of 1930 to treat certain merchandise as unused merchandise for drawback purposes.
To amend the Tariff Act of 1930 to treat certain merchandise as unused merchandise for drawback purposes.

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