To exempt certain homebuilding products from certain tariffs imposed on or after January 20, 2025, and for other purposes.

To exempt certain homebuilding products from certain tariffs imposed on or after January 20, 2025, 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. Short title.

SEC. 2. Exemption from certain tariffs for certain homebuilding products.

(a) In general.—Beginning on and after the date of the enactment of this Act, and except as provided under subsection (b), a critical homebuilding product shall be exempt from each of the covered tariffs.

(b) Reimposition of covered tariffs.—

(1) IN GENERAL.—The President may not reimpose a covered tariff on a critical homebuilding product unless—

(A) the Housing Affordability Index maintained by the National Association of Realtors reaches an average fixed index of 160 or above for the 12-month period preceding such reimposition; and

(B) there is enacted into law a joint resolution of approval with respect to such reimposition.

(2) JOINT RESOLUTION PROCEDURES.—

(A) JOINT RESOLUTION OF APPROVAL DEFINED.—For purposes of this section, the term joint resolution of approval means only a joint resolution, the sole matter after the resolving clause of which is as follows: “That Congress approves ___ imposed with respect to ___.”, with the first blank space being filled with a description of the proposed action with respect to the article and the second blank space being filled with a description of the article.

(B) INTRODUCTION OF JOINT RESOLUTION OF APPROVAL.—A joint resolution of approval may be introduced in either House of Congress by any Member.

(C) EXPEDITED PROCEDURES.—The provisions of subsections (b) through (f) of section 152 of the Trade Act of 1974 (19 U.S.C. 2192) apply to a joint resolution of approval described in subsection (a) to the same extent that such subsections apply to joint resolutions under such section 152.

(D) RULES OF THE SENATE AND THE HOUSE OF REPRESENTATIVES.—This section is enacted by Congress—

(i) as an exercise of the rulemaking power of the Senate and the House of Representatives, respectively, and as such is deemed a part of the rules of each House, respectively, but applicable only with respect to the procedure to be followed in that House in the case of a joint resolution of approval, and supersedes other rules only to the extent that it is inconsistent with such rules; and

(ii) with full recognition of the constitutional right of either House to change the rules (so far as relating to the procedure of that House) at any time, in the same manner, and to the same extent as in the case of any other rule of that House.

(c) Definitions.—In this section:

(1) COVERED TARIFFS.—

(A) IN GENERAL.—Except as provided under subparagraph (B), the term “covered tariffs” means a tariff imposed on or after January 20, 2025.

(B) EXCEPTION.—The term “covered tariffs” excludes a tariff imposed on or after January 20, 2025, under—

(i) Title VII of the Tariff Act of 1930 (19 U.S.C. 1671 et seq.);

(ii) Chapter 1 of title II of the Trade Act of 1974 (19 U.S.C. 2251 et seq.); or

(iii) a dispute settlement agreement.

(2) CRITICAL HOMEBUILDING PRODUCT.—The term “critical homebuilding product” means any product—

(A) used in the construction or furnishing of a single-family home or multi-family residential building, including any material or input used in the manufacture of any such product; and

(B) which is classified under any heading or subheading of the Harmonized Tariff Schedule of the United States listed in the following table: