H.R. 4899: Creating Access to Necessary American-Canadian Duty Adjustments Act

The Creating Access to Necessary American-Canadian Duty Adjustments Act, also known as the CANADA Act, aims to provide an exemption from certain duties on goods imported by or for the use of small businesses. This exemption is specifically in response to a national emergency declared by the President on February 1, 2025, through a series of executive orders.

Key Provisions of the Bill

• The bill will exempt small business concerns, as defined by the Small Business Act, from duties that were imposed due to the declared national emergency.
• This applies to various goods imported for the operation, use, or benefit of small businesses.
• The exemption is intended to alleviate financial burdens on small businesses during the ongoing national emergency.

Definition of Small Business Concerns

For the purposes of this bill, a small business concern is defined according to the criteria laid out in the Small Business Act. Generally, these are businesses that meet specific size standards set by the Small Business Administration, which take into account the number of employees or average annual receipts depending on the industry.

Impacts of the Bill

If enacted, the bill could potentially lower costs for small businesses by exempting them from paying certain import duties that they would otherwise be responsible for under the national emergency. This could help small businesses remain more competitive in the market and possibly enhance their ability to operate effectively during challenging economic times.

Relevant Companies

None found.