Customs Business Fairness Act of 2023
Source: Congress.gov ·
305 words in original text
What This Bill Does
This bill changes federal bankruptcy law to allow full subrogation (a legal process where one party takes over another party's rights or claims) for customs duties (taxes on imported goods). The bill specifically allows parties to take over the federal government's priority rights when collecting these customs duty claims during bankruptcy cases.
Who It Affects
Not specified in bill text
Key Provisions
• Section 507(d) of the federal bankruptcy code is changed to exclude subparagraph (F) from certain priority claims. (Sec. 2)
• The amendment takes effect on the date the bill becomes law, except for bankruptcy cases already started before that date. (Sec. 3)
• The amendment does not apply to bankruptcy cases that started before the bill became law. (Sec. 3)
What Changes
The federal bankruptcy law changes to allow full subrogation of customs duty claims, including the ability to take over the federal government's priority rights to those claims.
Important Definitions
The bill does not define "subrogation," "customs duties," or "priority rights" in plain language. You would need to understand these legal terms to fully grasp the bill's impact.
Effective Date
The bill takes effect on the date it becomes law, except it does not apply to bankruptcy cases that started before that date.
Important: This plain English summary was generated by AI and is provided for informational purposes only.
It is not legal advice. Always consult the official bill text on Congress.gov
or a qualified attorney for legal matters.