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1 H.R. 4979, a Bill to Extend the Generalized System of Preferences and to Make Technical Changes to the Competitive Need Limitations Provision of the Program [i] (February 12, 2018)

handle is hein.congrec/gensyprf0001 and id is 1 raw text is: CBO Cost Estimate for H.R. 4979, a bill to extend the Generalized System of Preferences and to make technical changes to the competitive need limitations provision of the program As posted on docs.house.gov/floor for the week of February 12, 2018, (g:\VHLC\020918\020918.152.xml). (by fiscal year, in millions of dollars) 02/12/2018 2018- 2018- 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2022 2027 DECREASES IN REVENUE Estimated Revenuesa -347 -475 -492 -129 0 0 0 0 0 0 -1,443 -1,443 DECREASES IN DIRECT SPENDING Estimated Budget Authorityb 0 0 0 0 0 0 0 0 0 -1518 0 -1,518 Estimated Outlays 0 0 0 0 0 0 0 0 0 -1518 0 -1,518 INCREASE OR DECREASE (-) IN THE DEFICIT FROM CHANGES IN REVENUES AND DIRECT SPENDING Effect on Deficit 347 475 492 129 0 0 0 0 0 -1,518 1,443 -75 a. The bill would extend the General System of Preferences (GSP) through December 31, 2020. The GSP expired on December 31, 2017. The bill would extend GSP elgibility retroactively and would allow importers to be paid the duties collected on eligible goods during the period between December 31, 2017 and the effective date of the bill. b. Section 3 of the bill would extend the authority to collect certain customs user fees (which are recorded in the budget as reductions in direct spending) by 22 weeks, through August 1, 2027. JF

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