US Code
Part III— Ascertainment, Collection, and Recovery of Duties
§ 1484b. Deferral of duty on large yachts imported for sale at United States boat shows

(a) In generalNotwithstanding any other provision of law, any vessel meeting the definition of a large yacht as provided in subsection (b) 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) DefinitionAs 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 dutyAt 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) 11 So in original. No par. (2) has been enacted. Deposit of dutyIf 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) shall be returned to the importer.
(e) Procedures upon expiration of bond period(1) In generalIf 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) shall be returned to the importer.
(2) Additional requirementsNo 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) RegulationsThe Secretary of the Treasury is authorized to make such rules and regulations as may be necessary to carry out the provisions of this section.

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