A bill to extend the Generalized System of Preferences, and for other purposes.

Bill: 113-s-1331
Sponsor: full_name: Sen. Baucus, Max [D-MT]
Introduced: 2013-07-18
Policy area: Foreign Trade and International Finance
Subjects: Corporate finance and management

Customs enforcement

Tariffs

Tax administration and collection, taxpayers

User charges and fees
Latest action: action_date: 2013-07-18
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-07-18
action_desc: Introduced in Senate
text: <p>Amends the Trade Act of 1974 to extend duty-free treatment under the Generalized System of Preferences (GSP) through September 30, 2015. </p> <p>Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) to extend certain customs users fees for certain customs services performed through January 21, 2022, and for other specified customs services performed through January 28, 2022.</p> <p>Prescribes a formula for required estimated corporate tax payments otherwise due in each of the quarters of 2018 from corporations with assets of at least $1 billion. </p>

tv_txt: II 113th CONGRESS 1st Session S. 1331 IN THE SENATE OF THE UNITED STATES July 18, 2013 Mr. Baucus (for himself and Mr. Hatch ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To extend the Generalized System of Preferences, and for other purposes.

1. Extension of Generalized System of Preferences Section 505 of the Trade Act of 1974 ( 19 U.S.C. 2465 ) is amended by striking July 31, 2013 and inserting September 30, 2015 . 2. Customs user fees Section 13031(j)(3) of the Consolidated Omnibus Budget Reconciliation Act of 1985 (19 U.S.C. 58c(j)(3)) is amended— (1) in subparagraph (A), by striking October 22, 2021 and inserting January 21, 2022 ; and (2) in subparagraph (B)(i), by striking October 29, 2021 and inserting January 28, 2022 . 3. Time for payment of corporate estimated taxes Notwithstanding section 6655 of the Internal Revenue Code of 1986, in the case of a corporation with assets of not less than $1,000,000,000 (determined as of the end of the preceding taxable year)— (1) the amount of any required installment of corporate estimated tax which is otherwise due in July, August, or September of 2018 shall be increased by 1.25 percent of such amount (determined without regard to any increase in such amount not contained in such Code); and (2) the amount of the next required installment after an installment referred to in paragraph (1) shall be appropriately reduced to reflect the amount of the increase by reason of such paragraph.