August ’24 at-a-glance … taxes, tariffs & trade

New Section 301 tariffs on hold while USTR reviews comments 

USTR delayed the start of the Section 301 China tariff modifications that were set to begin August 1 to give the agency more time to review 1,100-plus comments received during the open comment period. USTR expects to make a final announcement this month and says it will provide approximately two weeks’ notice before new tariffs take effect. 

Tax Relief Act fails to pass Senate 

On Aug. 1, the Senate voted on HR 7024, the Tax Relief for American Workers and Families Act. The bill did not receive the 60 votes needed to advance. HR 7024 contains numerous provisions supporting small business research and development, interest and capital expense allocations for which NAFEM advocated.  

Office of Foreign Assets Control powers extended 

Recent legislation extended the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) statute of limitations for certain sanctions from five to 10 years. OFAC may now commence enforcement actions for civil violations of the International Emergency Economic Powers Act – also known as the Trading with the Enemy Act – within 10 years of the latest date of violation if the violation was after April 24, 2019.