[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2770 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 2770

 To amend the Tariff Act of 1930 to provide for a deferral of the duty 
 on large yachts imported for sale at boat shows in the United States.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 29, 1997

   Mr. Shaw 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 duty 
 on large yachts imported for sale at boat shows in the United States.

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

SECTION 1. DEFERRAL OF DUTY ON LARGE YACHTS IMPORTED FOR SALE AT UNITED 
              STATES BOAT SHOWS.

    (a) In General.--The Tariff Act of 1930 (19 U.S.C. 1304 et seq.) is 
amended by inserting after section 484a the following:

``SEC. 484B. DEFERRAL OF DUTY ON LARGE YACHTS IMPORTED FOR SALE AT 
              UNITED STATES BOAT SHOWS.

    ``(a) In General.--Notwithstanding any other provision of law, any 
vessel meeting the definition of a large yacht as provided in 
subsection (b) and which is otherwise dutiable, may be imported without 
the payment of duty if imported with the intention of offer for sale at 
a boat show in the United States. Payment of duty shall be deferred, in 
accordance with this section, until such large yacht is sold.
    ``(b) Definition.--As used in this section, the term `large yacht' 
means a vessel that exceeds 79 feet in length and is used primarily for 
recreation or pleasure.
    ``(c) Deferral of Duty.--At the time of importation of any large 
yacht, if such large yacht is imported for sale at a boat show in the 
United States and is otherwise dutiable, duties shall not be assessed 
and collected if the importer of record--
            ``(1) certifies to the Customs Service that the large yacht 
        is imported pursuant to this section for sale at a boat show in 
        the United States; and
            ``(2) posts a bond, which shall have a duration of 6 months 
        after the date of importation, in an amount equal to twice the 
        amount of duty on the large yacht that would otherwise be 
        imposed under subheading 8903.91.00 or 8903.92.00 of the 
        Harmonized Tariff Schedule of the United States.
    ``(d) Procedures Upon Sale.--
            ``(1) Deposit of duty.--If any large yacht (which has been 
        imported for sale at a boat show in the United States with the 
        deferral of duties as provided in this section) is sold within 
        the 6-month period after importation, entry shall be completed 
        and duty shall be deposited with the Customs Service. Duty 
        shall be calculated at the rates provided for under subheading 
        8903.91.00 or 8903.92.00 of the Harmonized Tariff Schedule of 
        the United States and shall be based upon the value of the 
        large yacht at the time of importation.
            ``(2) Return of bond.--The bond posted as required by 
        subsection (c)(2) shall be returned to the importer.
    ``(e) Procedures Upon Expiration of Bond Period.--
            ``(1) In general.--If the large yacht entered with deferral 
        of duties is neither sold nor exported within the 6-month 
        period--
                    ``(A) entry shall be completed and duty (calculated 
                at the rates provided for under subheading 8903.91.00 
                or 8903.92.00 of the Harmonized Tariff Schedule of the 
                United States and based upon the value of the large 
                yacht at the time of importation) shall be deposited 
                with the Customs Service; and
                    ``(B) the bond posted as required by subsection 
                (c)(2) shall be returned to the importer.
            ``(2) Additional requirements.--No extensions of the bond 
        period shall be allowed. Any large yacht exported in compliance 
        with the bond period may not be reentered for purposes of sale 
        at a boat show in the United States (in order to receive duty 
        deferral benefits) for a period of 3 months after such 
        exportation.
    ``(f) Regulations.--The Secretary of the Treasury is authorized to 
make such rules and regulations as may be necessary to carry out the 
provisions of this section.''.
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to a large yacht entered into the United States after the 
date that is 15 days after the date of enactment of this Act.
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