EXTENSION OF UNITED STATES INSULAR POSSESSION PROGRAM.

SEC. 2401. EXTENSION OF UNITED STATES INSULAR POSSESSION PROGRAM. (a) In general.— The additional U.S. notes to chapter 71 of the Harmonized Tariff Schedule of the United States are amended by adding at the end the following new note: “3. (a) Notwithstanding any provision in additional U.S. note 5 to chapter 91, any article of jewelry provided for in heading 7113 which is the product of the Virgin Islands, Guam, or American Samoa (including any such article which contains any foreign component) shall be eligible for the benefits provided in paragraph (h) of additional U.S. note 5 to chapter 91, subject to the provisions and limitations of that note and of paragraphs (b), (c), and (d) of this note. “(b) Nothing in this note shall result in an increase or a decrease in the aggregate amount referred to in paragraph (h)(iii) of, or the quantitative limitation otherwise established pursuant to the requirements of, additional U.S. note 5 to chapter 91. “(c) Nothing in this note shall be construed to permit a reduction in the amount available to watch producers under paragraph (h)(iv) of additional U.S. note 5 to chapter 91. “(d) The Secretary of Commerce and the Secretary of the Interior shall issue such regulations, not inconsistent with the provisions of this note and additional U.S. note 5 to chapter 91, as the Secretaries determine necessary to carry out their respective duties under this note. Such regulations shall not be inconsistent with substantial transformation requirements but may define the circumstances under which articles of jewelry shall be deemed to be “units” for purposes of the benefits, provisions, and limitations of additional U.S. note 5 to chapter 91. “(e) Notwithstanding any other provision of law, during the 2–year period beginning 45 days after the date of the enactment of this note, any article of jewelry provided for in heading 7113 that is assembled in the Virgin Islands, Guam, or American Samoa shall be treated as a product of the Virgin Islands, Guam, or American Samoa for purposes of this note and General Note 3(a)(iv) of this Schedule.”. 113 STAT. 168 (b) Confirming Amendment.— General Note 3(a)(iv)(A) of the Harmonized Tariff Schedule of the United States is amended by inserting “and additional U.S. note 3(e) of chapter 71,” after ”Tax Reform Act of 1986,”. (c) Effective Date.— The amendments made by this section take effect 45 days after the date of the enactment of this Act.