To amend the Tariff Act of 1930 to provide for a deferral of the payment of a duty upon the sale of certain used vessels, and for other purposes.

“484b. Duty upon sale of certain used vessels

“(a) In general—Notwithstanding any other provision of law, any used vessel that has a valid cruising license under the laws of the United States may enter, may be offered for sale in, and may remain in, the customs territory of the United States without the payment of duty, except that—

“(1) if the used vessel, while in the customs territory of the United States, is sold to a resident of the United States—

“(A) entry of the used vessel shall be completed and duty shall be deposited with U.S. Customs and Border Protection within 15 days after the date on which the sale is completed; and

“(B) any bonded broker or dealer involved in the sale shall collect the duty and remit the duty to U.S. Customs and Border Protection within 15 days after the date on which the sale is completed; and

“(2) duty on the sale of a vessel described in paragraph (1) shall be calculated at the applicable rate provided under the Harmonized Tariff Schedule of the United States and shall be based upon the value of the vessel at the time of sale.

“(b) No posting of bond—No bond may be required to be posted, upon entry of a used vessel into the customs territory of the United States, for the duty otherwise payable on the entry of a used vessel to which subsection (a) applies.

“(c) Definition—As used in this section, the term “used vessel” means a vessel that has been sold, before the vessel is brought into the customs territory of the United States, by a manufacturer or dealer to a retail consumer and that is used primarily for recreation or pleasure.

“(d) Regulations—The Commissioner responsible for U.S. Customs and Border Protection may issue such regulations as may be necessary to carry out this section.”