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

By Fiscal Year, Millions of Dollars

2024

2024-2029

2024-2034

Direct Spending (Outlays)

-10,838

Revenues

-6,971

-8,336

Increase or Decrease (-) in the Deficit

6,971

-2,502

Spending Subject to Appropriation (Outlays)

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

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?

Contains intergovernmental mandate?

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

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