Sec. 404. Amendments to chapter 98 of the Harmonized Tariff Schedule of the United States

264 words·~1 min read·/bill/113/s/662/is/section-404

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Subchapter II of chapter 98 of the Harmonized Tariff Schedule of the United States is amended by adding at the end of U.S. Note 3 the following: For purposes of subheadings 9802.00.40 and 9802.00.50, fungible articles exported from the United States for the purposes described in such subheadings— may be commingled; and the origin, value, and classification of such articles may be accounted for using an inventory management method. If a person chooses to use an inventory management method under this subdivision with respect to fungible articles, the person shall use the same inventory management method for those articles with respect to which the person claims fungibility.

For purposes of this subdivision— the term fungible articles means articles that are interchangeable for commercial purposes and have essentially identical properties; and the term inventory management method means any method for managing inventory that is based on generally accepted accounting principles. . The article description for subheading 9801.00.10 of the Harmonized Tariff Schedule of the United States is amended by inserting after exported the following: , or any other products when returned within 3 years after having been exported .

Subchapter I of chapter 98 of the Harmonized Tariff Schedule of the United States is amended by inserting in numerical sequence the following new subheading: 9801.00.11 United States Government property, returned to the United States without having been advanced in value or improved in condition by any means while abroad, entered by the United States Government or a contractor to the United States Government, and certified by the importer as United States Government property Free .