Title: 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.
Policy area: Foreign Trade and International Finance

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:
The duty on the sale of that yacht shall be:
No posting of bond for this duty may be required upon the used yacht's entry into the U.S. customs territory.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2369 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 2369

   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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 4, 2017

 Ms. Frankel of Florida (for herself, Mr. Yoho, Mr. Francis Rooney of 
 Florida, Mr. Deutch, Mr. Diaz-Balart, Mr. Hastings, Mr. DeSantis, Mr. 
  Thomas J. Rooney of Florida, and Mr. Mast) introduced the following 
      bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. DUTY UPON SALE OF CERTAIN USED YACHTS.

    (a) In General.--Title IV of the Tariff Act of 1930 (19 U.S.C. 1401 
et seq.) is amended by striking section 484b and inserting the 
following:

``SEC. 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' 
means a vessel that has been sold, before the vessel is brought into 
the customs territory of the United States, by a manufacturer or dealer 
to a retail consumer and that is used primarily for recreation or 
pleasure.
    ``(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)'' after ``payment of duty''.

SEC. 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.
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