This bill tightens requirements for who can serve as an "importer of record"—the person or company responsible for importing goods into the United States and paying associated duties and taxes. The legislation requires importers of record to be U.S.-based, either U.S. citizens, permanent residents, or entities with a physical U.S. location and at least one U.S. citizen or permanent resident owner or employee. Foreign companies can use U.S. subsidiaries to import goods instead. The bill also mandates that importers pay all duties, taxes, and fees directly to U.S. Customs and Border Protection through electronic bank transfers from verified U.S. bank accounts, and increases the minimum bond requirement for importers using continuous import bonds from current levels to at least $100,000. The requirements take effect one year after enactment, with regulations to be issued within 360 days. The law includes exceptions for express consignment operators and carriers (like major delivery companies) that meet specific criteria and for customs brokers working with those carriers.
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