This afternoon, Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) joined with House Ways and Means Chairman Paul Ryan (R-WI) and Ranking Member Sander Levin (D-MI) in introducing legislation to renew GSP and other preference programs.

The legislation would reauthorize GSP through December 31, 2017 and provide refunds to eligible products imported while the program was expired.

“This legislation would provide great relief to American companies that depend on the GSP program” said Dan Anthony, Executive Director of the Coalition for GSP in a press release. “By refunding tariffs paid and extending the program through 2017, Congress would give companies the ability to make long-term sourcing decisions – to the benefit of both suppliers in developing countries and their workers at home.”

The GSP program reduces tariffs on imports from nearly 130 countries but expired on July 31, 2013. American companies have paid over $1 billion in import taxes since the program expired and nearly 700 American companies and associations have urged Congress to renew GSP retroactively.