19 U.S.C. § 1484b — Deferral of duty on large yachts imported for sale at United States boat shows
submitted 96 years ago by Pub. L. 106-36 to r/title-19-CUSTOMS-DUTIES · 519 words · no verdicts yet
This section lets an importer defer duty on a large yacht brought into the United States for sale at a U.S. boat show. The importer must certify the purpose and post a bond; duty is paid if the yacht is sold, or if it is neither sold nor exported within six months.
(a) In general. Despite other laws, a vessel that meets subsection (b) and would otherwise owe duty may enter without paying duty if the importer intends to offer it for sale at a boat show in the United States. Payment is deferred until the large yacht is sold, under this section.
(b) Definition. In this section, “large yacht” means a vessel longer than 79 feet that is used mainly for recreation or pleasure and that a manufacturer or dealer has previously sold to a retail consumer. This section does not otherwise define “boat show,” “importer of record,” or “dutiable.”
(c) Deferral of duty. At importation, duty is not assessed or collected if the importer of record: (1) certifies to the Customs Service that the yacht is imported under this section for sale at a U.S. boat show; and (2) posts a bond lasting six months after importation. The bond must equal twice the duty that would otherwise apply under subheading 8903.91.00 or 8903.92.00 of the Harmonized Tariff Schedule of the United States.
(d) Procedures upon sale. (1) Deposit of duty. If the yacht is sold within six months after importation: (A) the entry must be completed, and the duty must be deposited with the Customs Service. The duty is calculated at the applicable rate under subheading 8903.91.00 or 8903.92.00, using the yacht’s value when imported; and (B) the bond required by subsection (c)(2) must be returned to the importer.
(e) Procedures when the bond period ends. (1) If the yacht is neither sold nor exported within six months: (A) the entry must be completed and the same duty, calculated using the import-time value, must be deposited with the Customs Service; and (B) the bond must be returned. (2) The bond period may not be extended. A yacht exported in compliance with the bond period may not be reentered to be sold at a U.S. boat show under this duty-deferral provision for three months after export.
(f) Regulations. The Secretary of the Treasury may issue rules and regulations needed to carry out this section.
Notwithstanding any other provision of law, any vessel meeting the definition of a large yacht as provided in subsection (b) and which is otherwise dutiable may be imported without the payment of duty if imported with the intention to offer for sale at a boat show in the United States. Payment of duty shall be deferred, in accordance with this section, until such large yacht is sold.
As used in this section, the term “large yacht” means a vessel that exceeds 79 feet in length, is used primarily for recreation or pleasure, and has been previously sold by a manufacturer or dealer to a retail consumer.
At the time of importation of any large yacht, if such large yacht is imported for sale at a boat show in the United States and is otherwise dutiable, duties shall not be assessed and collected if the importer of record—
certifies to the Customs Service that the large yacht is imported pursuant to this section for sale at a boat show in the United States; and
posts a bond, which shall have a duration of 6 months after the date of importation, in an amount equal to twice the amount of duty on the large yacht that would otherwise be imposed under subheading 8903.91.00 or 8903.92.00 of the Harmonized Tariff Schedule of the United States.
If any large yacht (which has been imported for sale at a boat show in the United States with the deferral of duties as provided in this section) is sold within the 6-month period after importation—
entry shall be completed and duty (calculated at the applicable rates provided for under subheading 8903.91.00 or 8903.92.00 of the Harmonized Tariff Schedule of the United States and based upon the value of the large yacht at the time of importation) shall be deposited with the Customs Service; and
the bond posted as required by subsection (c)(2) shall be returned to the importer.
If the large yacht entered with deferral of duties is neither sold nor exported within the 6-month period after importation—
entry shall be completed and duty (calculated at the applicable rates provided for under subheading 8903.91.00 or 8903.92.00 of the Harmonized Tariff Schedule of the United States and based upon the value of the large yacht at the time of importation) shall be deposited with the Customs Service; and
the bond posted as required by subsection (c)(2) shall be returned to the importer.
No extensions of the bond period shall be allowed. Any large yacht exported in compliance with the bond period may not be reentered for purposes of sale at a boat show in the United States (in order to receive duty deferral benefits) for a period of 3 months after such exportation.
The Secretary of the Treasury is authorized to make such rules and regulations as may be necessary to carry out the provisions of this section.
Source credit: (June 17, 1930, ch. 497, title IV, § 484b, as added Pub. L. 106–36, title II, § 2406(a), June 25, 1999, 113 Stat. 170.)
- 1930Enacted · Pub. L. 106-36 · 113 Stat. 170
A history note hasn’t been published yet. The record shows enactment by Pub. L. 106-36 on 1930-06-17.
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