To amend the Tariff Act of 1930 to provide for a deferral of the payment of a duty upon the sale of certain used yachts, and for other purposes.

To amend the Tariff Act of 1930 to provide for a deferral of the payment of a duty upon the sale of certain used yachts, and for other purposes. 1. Duty upon sale of certain used yachts (a) In general Title IV of the Tariff Act of 1930 ( 19 U.S.C. 1401 484b. Duty upon sale of certain used yachts (a) In general Notwithstanding any other provision of law, any used yacht that has a valid cruising license under the laws of the United States may enter, may be offered for sale in, and may remain in, the customs territory of the United States without the payment of duty, except that— (1) if the used yacht, while in the customs territory of the United States, is sold to a resident of the United States— (A) entry of the used yacht shall be completed and duty shall be deposited with U.S. Customs and Border Protection within 15 days after the date on which the sale is completed; and (B) any yacht broker or dealer involved in the sale shall collect the duty and remit the duty to U.S. Customs and Border Protection within 15 days after the date on which the sale is completed; and (2) duty on the sale of a yacht described in paragraph (1) shall be calculated at the applicable rate provided under the Harmonized Tariff Schedule of the United States and shall be based upon the value of the yacht at the time of sale. (b) No posting of bond No bond may be required to be posted, upon entry of a used yacht into the customs territory of the United States, for the duty otherwise payable on the entry of a used yacht to which subsection (a) applies. (c) Definition As used in this section, the term used yacht (d) Regulations The Commissioner responsible for U.S. Customs and Border Protection may issue such regulations as may be necessary to carry out this section. . (b) Relationship to Harmonized Tariff Schedule Additional U.S. Note 1 to chapter 89 of the Harmonized Tariff Schedule of the United States is amended by inserting , subject to section 484b of the Tariff Act of 1930 ( 19 U.S.C. 1484b payment of duty 2. Effective date The amendments made by section 1 shall apply to vessels entering the customs territory of the United States on or after the 15th day after the date of the enactment of this Act.

Summary: This bill amends the Tariff Act of 1930 to repeal the deferral until sale of the duty on large yachts imported for sale at U.S. boat shows. Any used yacht with a valid U.S. cruising license, instead, may enter, may be offered for sale in, and may remain in, the U.S. customs territory without the payment of duty, but subject to certain conditions. If the used yacht, while in the U.S. customs territory, is sold to a U.S. resident: entry of the used yacht shall be completed and duty shall be deposited with U.S. Customs and Border Protection (CBP) within 15 days after completion of the sale, and by the same deadline any yacht broker or dealer involved in the sale must collect and remit that duty to the CBP. The duty on the sale of that yacht shall be: calculated at the applicable rate under the Harmonized Tariff Schedule of the United States, and based upon the yacht's value at the time of sale. No posting of bond for this duty may be required upon the used yacht's entry into the U.S. customs territory.