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GSP Program Extension and Tariff Repayment for Businesses

This act aims to extend the Generalized System of Preferences (GSP) program until the end of 2029. A key change allows American companies to reclaim tariffs paid since 2021, potentially lowering import costs and supporting business growth. Citizens may experience lower prices on certain goods.
Key points
The GSP program, which reduces tariffs on goods from developing countries, will be extended until December 31, 2029.
U.S. businesses that paid tariffs on GSP-eligible goods since January 1, 2021, will be able to apply for a refund.
The tariff refunds are intended to support American companies that incurred additional costs, potentially leading to more stable prices for consumers.
Companies have 180 days from the act's enactment to file a request for tariff repayment with U.S. Customs and Border Protection.
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Additional Information
Print number: 118_HR_7555
Sponsor: Rep. Wasserman Schultz, Debbie [D-FL-25]
Process start date: 2024-03-05
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

RETRO GSP Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7555.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-03-05.

What are the main provisions?

Key points include:

  • The GSP program, which reduces tariffs on goods from developing countries, will be extended until December 31, 2029.
  • U.S. businesses that paid tariffs on GSP-eligible goods since January 1, 2021, will be able to apply for a refund.
  • The tariff refunds are intended to support American companies that incurred additional costs, potentially leading to more stable prices for consumers.
  • Companies have 180 days from the act's enactment to file a request for tariff repayment with U.S. Customs and Border Protection.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Wasserman Schultz, Debbie [D-FL-25].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Trade.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

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