                        TITLE 19--CUSTOMS DUTIES
 
                      CHAPTER 4--TARIFF ACT OF 1930
 
                 SUBTITLE III--ADMINISTRATIVE PROVISIONS
 
       Part III--Ascertainment, Collection, and Recovery of Duties
 
Sec. 1484b. Deferral of duty on large yachts imported for sale 
        at United States boat shows
        

(a) In general

    Notwithstanding any other provision of law, any vessel meeting the 
definition of a large yacht as provided in subsection (b) of this 
section and which is otherwise dutiable may be imported without the 
payment of duty if imported with the intention to offer for sale at a 
boat show in the United States. Payment of duty shall be deferred, in 
accordance with this section, until such large yacht is sold.

(b) Definition

    As used in this section, the term ``large yacht'' means a vessel 
that exceeds 79 feet in length, is used primarily for recreation or 
pleasure, and has been previously sold by a manufacturer or dealer to a 
retail consumer.

(c) Deferral of duty

    At the time of importation of any large yacht, if such large yacht 
is imported for sale at a boat show in the United States and is 
otherwise dutiable, duties shall not be assessed and collected if the 
importer of record--
        (1) certifies to the Customs Service that the large yacht is 
    imported pursuant to this section for sale at a boat show in the 
    United States; and
        (2) posts a bond, which shall have a duration of 6 months after 
    the date of importation, in an amount equal to twice the amount of 
    duty on the large yacht that would otherwise be imposed under 
    subheading 8903.91.00 or 8903.92.00 of the Harmonized Tariff 
    Schedule of the United States.

(d) Procedures upon sale

                       (1) \1\ Deposit of duty
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    \1\ So in original. No par. (2) has been enacted.
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        If any large yacht (which has been imported for sale at a boat 
    show in the United States with the deferral of duties as provided in 
    this section) is sold within the 6-month period after importation--
            (A) entry shall be completed and duty (calculated at the 
        applicable rates provided for under subheading 8903.91.00 or 
        8903.92.00 of the Harmonized Tariff Schedule of the United 
        States and based upon the value of the large yacht at the time 
        of importation) shall be deposited with the Customs Service; and
            (B) the bond posted as required by subsection (c)(2) of this 
        section shall be returned to the importer.

(e) Procedures upon expiration of bond period

                           (1) In general

        If the large yacht entered with deferral of duties is neither 
    sold nor exported within the 6-month period after importation--
            (A) entry shall be completed and duty (calculated at the 
        applicable rates provided for under subheading 8903.91.00 or 
        8903.92.00 of the Harmonized Tariff Schedule of the United 
        States and based upon the value of the large yacht at the time 
        of importation) shall be deposited with the Customs Service; and
            (B) the bond posted as required by subsection (c)(2) of this 
        section shall be returned to the importer.

                     (2) Additional requirements

        No extensions of the bond period shall be allowed. Any large 
    yacht exported in compliance with the bond period may not be 
    reentered for purposes of sale at a boat show in the United States 
    (in order to receive duty deferral benefits) for a period of 3 
    months after such exportation.

(f) Regulations

    The Secretary of the Treasury is authorized to make such rules and 
regulations as may be necessary to carry out the provisions of this 
section.

(June 17, 1930, ch. 497, title IV, Sec. 484b, as added Pub. L. 106-36, 
title II, Sec. 2406(a), June 25, 1999, 113 Stat. 170.)

                       References in Text

    The Harmonized Tariff Schedule of the United States, referred to in 
subsecs. (c)(2), (d)(1)(A), and (e)(1)(A), is not set out in the Code. 
See Publication of Harmonized Tariff Schedule note set out under section 
1202 of this title.


                             Effective Date

    Pub. L. 106-36, title II, Sec. 2406(b), June 25, 1999, 113 Stat. 
171, provided that: ``The amendment made by subsection (a) [enacting 
this section] shall apply with respect to any large yacht imported into 
the United States after the date that is 15 days after the date of the 
enactment of this Act [June 25, 1999].''
