Sec. 4. Proposed and final regulations
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Not later than 120 days after the date of the enactment of this Act, the Secretary of the Treasury, in coordination with the Secretary of Homeland Security and the Secretary of Commerce, shall prescribe proposed regulations to implement this Act and the amendments made by this Act in accordance with the requirements described in this section. The regulations described in paragraph
(1)shall, at minimum— use a distinct valuation method under section 146.65(b)(2) of title 19, Code of Federal Regulations, for calculation of dutiable value of entries made under section 321(a)(2) of the Tariff Act of 1930 ( 19 U.S.C. 1321(a)(2) ), as amended by section 2(a)(1), from the foreign trade zone; and require such calculation of dutiable value to be based on the transaction value at the time of withdrawal from the foreign trade zone. The Secretary of the Treasury, in coordination with the Secretary of Homeland Security and the Secretary of Commerce, shall— publish the proposed regulations described in paragraph
(1)in the Federal Register and provide for a 60-day period for public review and comment on such regulations; and not later than 90 days after the expiration of the 60-day period described in subparagraph (A), submit the proposed regulations to Congress for review and consultation by Congress on such regulations. Final regulations to implement this Act and the amendments made by this Act may take effect only if a period of not less than 60 days, beginning on the first day on which the requirements described in subparagraphs
(A)and
(B)of subsection (a)(3) have been met, has expired.
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Sec. 4
Proposed and final regulations
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