Washington, February 12, 2015
Modernizing Customs Policies is Important to Eliminating Barriers for Small and Medium-Sized Enterprises, Boosting Economic Growth
UPS (NYSE: UPS) applauds Senators John Thune (R-SD) and Ron Wyden (D-OR), and Representatives Aaron Schock (R-IL), Joe Crowley (D-NY), John Larson (D-CT) and Elise Stefanik (R-NY) for their leadership reintroducing bipartisan legislation in the U.S. Senate and the U.S. House of Representatives, raising the “de minimis” threshold.
These bills, S.489 and H.R. 978, are a significant step in facilitating trade, particularly for small and medium-sized enterprises. The legislation would raise the de minimis value, the monetary value below which shipments entering the United States are free from tariffs, taxes or formal customs procedures, from the current $200 level to $800. The de minimis value has not been updated in more than 20 years. Similar bipartisan legislation had over 240 House and 25 Senate cosponsors in the previous Congress.
Read more: ups.com