Sec. 1. Duty upon sale of certain used yachts
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Title IV of the Tariff Act of 1930 ( 19 U.S.C. 1401 et seq. ) is amended by striking section 484b and inserting the following: Notwithstanding any other provision of law, any used yacht that has a valid cruising license under the laws of the United States may enter, may be offered for sale in, and may remain in, the customs territory of the United States without the payment of duty, except that— if the used yacht, while in the customs territory of the United States, is sold to a resident of the United States— entry of the used yacht shall be completed and duty shall be deposited with U.S.
Customs and Border Protection within 15 days after the date on which the sale is completed; and any yacht broker or dealer involved in the sale shall collect the duty and remit the duty to U.S. Customs and Border Protection within 15 days after the date on which the sale is completed; and duty on the sale of a yacht described in paragraph
(1)shall be calculated at the applicable rate provided under the Harmonized Tariff Schedule of the United States and shall be based upon the value of the yacht at the time of sale. No bond may be required to be posted, upon entry of a used yacht into the customs territory of the United States, for the duty otherwise payable on the entry of a used yacht to which subsection
(a)applies. As used in this section, the term used yacht means a vessel that has been sold, before the vessel is brought into the customs territory of the United States, by a manufacturer or dealer to a retail consumer and that is used primarily for recreation or pleasure. The Commissioner responsible for U.S. Customs and Border Protection may issue such regulations as may be necessary to carry out this section. . Additional U.S. Note 1 to chapter 89 of the Harmonized Tariff Schedule of the United States is amended by inserting , subject to section 484b of the Tariff Act of 1930 ( after 19 U.S.C. 1484b ) payment of duty .
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