$1.31 Billion in Automatic GSP Refunds – Broken Down by State
Based on newly available July 2015 trade data, American companies paid about $1.3 billion in higher import taxes while GSP was expired between August 2013 to July 2015. With the retroactive GSP renewal, nearly all of that will be refunded automatically. The map below shows the breakdown of GSP tariffs paid during expiration that are...
Continue readingOhio Small Biz: At Least 3 Net Jobs Tied to GSP Refunds
They say a picture is worth a thousand words. The pictures above (or at least the checks in them) are worth SO much more. The checks are the first GSP refunds for The Cannon Group, a small business in Westerville, Ohio that imports plastic bags for newspapers from Sri Lanka. For nearly 2 years while...
Continue readingGSP Renewal Immediately Benefiting Companies in the Carolinas
GSP has only been back in effect for a week, but we’re already hearing positive things from companies about the impacts. Take Thompson Traders in Greensboro, North Carolina, which manufactures and sells hand-hammered copper sinks for kitchens and baths. GSP expiration hit at a terrible time: just as the small but growing company reached a...
Continue readingGSP Renewal Leads to Immediate Hires at Kona Bicycle in Washington
What a difference GSP renewal can make for companies like Kona Bicycle in Ferndale, Washington. Nearly 30 years old, the independent company still has the same founding owners and a staff of active and impassioned cyclists. Kona describes itself as “a dedicated group of cyclists making bicycles for people who love bikes” – and GSP...
Continue readingPop the Champagne – GSP Program Goes Back Into Effect!
After nearly two long years of expiration, GSP went back into effect this morning. American companies no longer must pay the import taxes on GSP-eligible products. A cause for celebration indeed! This should benefit the estimated 1,000+ shipments that claim GSP daily. And when you have a shipment come in that doesn’t face tariffs because...
Continue readingThe GSP Renewal Post We’ve Been Waiting to Write
This week we received an email from someone at Primetac, a GSP supporter list company in Little Ferry, New Jersey. We’ve been waiting for an email like this for a long time – much too long – so it’s with great pleasure that we get to publish this (and special thanks to the company for...
Continue readingWith Program Renewed, Here Are the Products that May Lose Benefits on October 1 in the GSP Annual Review
With the President signing the GSP renewal legislation into law in late June, all parts of the GSP program will restart – including the Annual Review process. The legislation included a provision extending the deadline for the 2014 Annual Review to October 1. While normally the process would take about a year, the three-month timetable...
Continue readingPresident Obama Signs Bill to Renew GSP
Earlier today, President Obama signed into law H.R. 1295, which renews GSP and refunds tariffs paid on eligible imports. GSP should enter into effect again on July 29 – almost 2 years to the day since it expired. This has been a long and challenging period for American companies that rely on the GSP program....
Continue readingCongress Passes Final Legislation to Renew GSP!!!
The House just passed the GSP renewal legislation by a vote of 286-138! It will now go to the President for enactment following yesterday’s Senate vote. 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 dep...
Continue readingFinal House Vote on GSP Renewal Legislation Expected Shortly
The House floor debate is taking place now and can be viewed on C-SPAN here.
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