We are starting the Labor Day weekend with very good news.
The House will move swiftly when it returns next week to consider renewal of GSP through July 31, 2013 (HR 2832) . The bill is sponsored by House Ways and Means Chairman David Camp (R-MI). It will be considered under the “suspension calendar,” which does not allow for floor debate and is used to pass non-controversial bills quickly.
The GSP renewal would be retroactive to Dec. 31, 2010, meaning that importers would receive refunds for their imported items that would have otherwise entered the U.S. market duty-free. This means hundreds, thousands, and in some cases, hundreds of thousands of dollars in refunds to individual importers. No interest will be paid on the refunded duties.
In order to offset the cost of renewing GSP, bill would also increase a Customs user fee. This “offset” may change as the package of trade bills (TAA, the 3 FTA bills) move through the Senate and then back to the House for final concurrence.
Thank you for your hard work up until now in communicating the need for GSP renewal. Sending an email to your House representative this weekend would be a good idea. Information on email addresses is available at http://renewgspnow.org
From there, the bill will move to the Senate where the schedule of actions and how they will occur are less clear.
Questions? Please do not hesitate to leave a comment.