U.S. Foreign Trade Zone Parity Act of 2024

The U.S. Foreign Trade Zone Parity Act of 2024 amends customs procedures to clarify how goods withdrawn from foreign-trade zones are entered for consumption. It updates Section 321 of the Tariff Act to specify that entries for goods withdrawn from zones must follow new rules for single consignees and invoices, and explicitly includes zone withdrawals in entry procedures. The bill also modifies the Foreign-Trade Zones Act to exclude low-value electronic commerce transactions (under $800) from retail trade definitions, treating them differently for customs valuation. These changes directly affect businesses using foreign-trade zones, particularly e-commerce companies handling low-value imports, by streamlining entry processes and adjusting duty calculations based on withdrawal value. The law requires new Treasury regulations within 120 days to implement these changes, including a 60-day public comment period.