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H. Rept. 118-890 1 (2024-12-17)

handle is hein.congrecreports/crptxagzu0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 118TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 118-890 GENERALIZED SYSTEM OF PREFERENCES REFORM ACT DECEMBER 17, 2024.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. SMITH of Missouri, from the Committee on Ways and Means, submitted the following REPORT together with DISSENTING VIEWS [To accompany H.R. 7986] [Including cost estimate of the Congressional Budget Office] The Committee on Ways and Means, to whom was referred the bill (H.R. 7986) to modify and reauthorize the Generalized System of Preferences, and for other purposes, having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass. CONTENTS Page I. SUMMARY AND BACKGROUND ............................................................... 8 A. Purpose and Sum m ary ..................................................................... 8 B. Background and Need for Legislation .................... 10 C. Legislative H istory ............................................................................ 10 B ackground ..................................................................................... 10 Com m ittee H earings ....................................................................... 10 Com m ittee Action .......................................................................... 10 D . D esignated H earing .......................................................................... 10 II. EXPLANATION OF THE BILL ................................................................... 10 A . Reasons for Change .......................................................................... 10 B. Explanation of Provisions ................................................................ 11 C . E ffective D ate .................................................................................... 12 III. VOTES OF THE COM M ITTEE .................................................................... 12 IV. BUDGET EFFECTS OF THE BILL ........................................................... 15 A. Committee Estimate of Budgetary Effects .................. 15 B. Statement Regarding New Budget Authority and Tax Expendi- tures Budget Authority ................................................................. 15 C. Cost Estimated Prepared by the Congressional Budget Office ..... 15 59-006