Congress Passes Bill for GSP Renewal

 In Breaking News, Industry Insider, Trans-Border Global Freight Systems, Inc.

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In both the House and the Senate, GSP renewal legislation has finally passed. The legislation will now await President Obama for his signature.

The proposed legislation will reinstate the General System of Preference (GSP), retroactively applying benefits to eligible goods until December 31, 2017.

The Coalition for GSP released the following statement after House passage:
“Final congressional passage of H.R. 1295 makes today a great day for American companies and workers that depend on the Generalized System of Preferences (GSP) program,” said Daniel Anthony, Executive Director of the Coalition for GSP. “After two years of uncertainty and about $1.3 billion in taxes paid, companies once again can focus on growing their businesses knowing that duty-free treatment will resume shortly and taxes paid on GSP-eligible products will be refunded.”