H.R.4065 - 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.114th Congress (2015-2016)
|Sponsor:||Rep. Frankel, Lois [D-FL-22] (Introduced 11/18/2015)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 11/18/2015 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.4065 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (11/18/2015)
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.