H.R. 7986, Generalized System of Preferences Reform Act

By Fiscal Year, Millions of Dollars

2024

2024-2029

2024-2034

Direct Spending (Outlays)

0

0

-10,838

Revenues

0

-6,971

-8,336

Increase or Decrease (-) in the Deficit

0

6,971

-2,502

Spending Subject to Appropriation (Outlays)

0

1

1

Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?

No

Statutory pay-as-you-go procedures apply?

Yes

Mandate Effects

Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?

No

Contains intergovernmental mandate?

No

Contains private-sector mandate?

Yes, Over Threshold

The bill would

• Retroactively extend reduced duties on goods imported under the government’s program of Generalized System of Preferences (GSP) through December 31, 2030
• Modify GSP eligibility requirements
• Extend current customs user fees through September 30, 2033
• Impose a private-sector mandate on U.S. importers by requiring them to remit customs user fees through 2033, rather than 2031

Estimated budgetary effects would mainly stem from

• Retroactively extending GSP duties and modifying certain requirements
• Extending customs user fees