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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 4, 2017.
This bill amends the Tariff Act of 1930 to repeal the deferral until sale of the duty on large yachts imported for sale at U.S. boat shows.
Any used yacht with a valid U.S. cruising license, instead, may enter, may be offered for sale in, and may remain in, the U.S. customs territory without the payment of duty, but subject to certain conditions.
If the used yacht, while in the U.S. customs territory, is sold to a U.S. resident:
entry of the used yacht shall be completed and duty shall be deposited with U.S. Customs and Border Protection (CBP) within 15 days after completion of the sale, and by the same deadline any yacht broker or dealer involved in the sale must collect and remit that duty to the CBP. The duty on the sale of that yacht shall be:
calculated at the applicable rate under the Harmonized Tariff Schedule of the United States, and based upon the yacht's value at the time of sale. No posting of bond for this duty may be required upon the used yacht's entry into the U.S. customs territory.