Dear Valued Customer:
Ways & Means Committee Introduces GSP Renewal Bill Feb 8, 2018
WASHINGTON, D.C. – On February 8, 2018 the Ways and Means Chairman Kevin Brady (R-TX), Trade Subcommittee Chairman Dave Reichert (R-WA), Ways and Means Ranking Member Richard Neal (D-MA), and Trade Subcommittee Ranking Member Bill Pascrell (D-NJ) joined with Rep. Jackie Walorski (R-IN) to introduce H.R. 4979.
This bipartisan legislation provides a three-year renewal of the Generalized System of Preferences (GSP) program, a longstanding U.S. trade preference program that delivers tariff relief and cost savings to American businesses, workers, and consumers across the country.
The legislation includes a reporting requirement that will make it easier for Congress to enforce the program’s eligibility criteria and also includes provisions of a bill introduced in October that would modernize the process for granting competitive needs limitations (CNL) waivers.
The next challenge is that the bill cannot be passed as a standalone bill and needs to ride on another bill or package, but it did not make it into the spending package that the Senate had just worked on.
Concerning passage of the GSP renewal bill, Dan Anthony, executive director of the Coalition for GSP said, “What we frequently tell our members is GSP will be renewed at some point. But the timing piece is just difficult.”
James J. Boyle & Co. will continue to monitor progress of the GSP renewal bill and will continue to flag all GSP-eligible entries in accordance with your written instructions on file so that upon renewal your refunds will be generated as smoothly as possible.
Thank you for your attention and cooperation. If you have any questions, please contact your nearest JJB representative.
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