To amend the Tariff Act of 1930 to increase and adjust for inflation the maximum value of articles that may be imported duty-free by one person on one day, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Low Value Shipment Regulatory Modernization Act of 2012''.
SEC. 2. INCREASE IN AND ADJUSTMENT FOR INFLATION OF MAXIMUM VALUE OF ARTICLES THAT MAY BE IMPORTED DUTY-FREE BY ONE PERSON ON ONE DAY.
(a) In General.--Section 321 of the Tariff Act of 1930 (19 U.S.C. 1321) is amended-- (1) in subsection (a)(2), by striking subparagraph (C) and inserting the following: ``(C) in any other case, the dollar amount specified in subsection (c).''; and (2) by adding at the end the following: ``(c) Annual Adjustment of Value of Articles That May Enter Duty- Free.-- ``(1) Dollar amount specified.--The dollar amount specified in this subsection is-- ``(A) for calendar year 2013, $800; and ``(B) subject to paragraph (2), for any calendar year after calendar year 2013, an amount equal to $800 increased by an amount equal to-- ``(i) $800, multiplied by ``(ii) the percentage of the increase (if any) in the Consumer Price Index for the preceding calendar year compared to the Consumer Price Index for calendar year 2012. ``(2) Rounding.--Any increase under paragraph (1) of the dollar amount specified in this subsection shall be rounded to the nearest...