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Letter to the Honorable Dave Camp 1 (March 5, 2012)

handle is hein.congrec/cbo10655 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Douglas W Elmendorf, Director U.S. Congress Washington, DC 20515 March 5, 2012 Honorable Dave Camp Chairman Committee on Ways and Means U.S. House of Representatives Washington, DC 20515 Dear Mr. Chairman: At the request of your staff, the Congressional Budget Office has prepared a cost estimate for H.R. 4105, a bill to apply the countervailing duty provisions of the Tariff Act of 1930 to nonmarket economy countries and for other purposes, as introduced on February 29, 2012. CBO estimates that enacting the bill would not affect revenues in fiscal year 2012, and would increase revenues, net of income and payroll tax offsets, by approximately $160 million over the 2013-2022 period, relative to receipts under current law. BACKGROUND On December 19, 2011, the United States Court of Appeals for the Federal Circuit decided that certain countervailing duties levied by the Department of Commerce on tires imported from China should not have been assessed because countervailing duty law does not apply in the context of a non- market economy such as China's. The Federal Circuit affirmed the holding of the Court of International Trade that such countervailing duties could not be collected but did so on different grounds. As a result of the Federal Circuit's decision, CBO updated its projection of revenues under current law to reflect the expectation that the Department of Commerce will stop imposing countervailing duties on goods imported from nonmarket economies. CBO's long-standing practice has been to update its projections to reflect changes in law announced by the courts of appeals, but not to reflect decisions of lower courts. This approach reflects the Congress's twin needs www.cbo.gov

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