Page:United States Statutes at Large Volume 121.djvu/1493

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[121 STAT. 1472]
[121 STAT. 1472]
PUBLIC LAW 110-000—MMMM. DD, 2007

121 STAT. 1472

PUBLIC LAW 110–138—DEC. 14, 2007

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(15) PREFERENTIAL TARIFF TREATMENT.—The term ‘‘preferential tariff treatment’’ means the customs duty rate, and the treatment under article 2.10.4 of the Agreement, that are applicable to an originating good pursuant to the Agreement. (16) PRODUCER.—The term ‘‘producer’’ means a person who engages in the production of a good in the territory of Peru or the United States. (17) PRODUCTION.—The term ‘‘production’’ means growing, mining, harvesting, fishing, raising, trapping, hunting, manufacturing, processing, assembling, or disassembling a good. (18) REASONABLY ALLOCATE.—The term ‘‘reasonably allocate’’ means to apportion in a manner that would be appropriate under generally accepted accounting principles. (19) RECOVERED GOODS.—The term ‘‘recovered goods’’ means materials in the form of individual parts that are the result of— (A) the disassembly of used goods into individual parts; and (B) the cleaning, inspecting, testing, or other processing that is necessary for improvement to sound working condition of such individual parts. (20) REMANUFACTURED GOOD.—The term ‘‘remanufactured good’’ means an industrial good assembled in the territory of Peru or the United States, or both, that is classified under chapter 84, 85, 87, or 90 or heading 9402, other than a good classified under heading 8418 or 8516, and that— (A) is entirely or partially comprised of recovered goods; and (B) has a similar life expectancy and enjoys a factory warranty similar to such a good that is new. (21) TOTAL COST.— (A) IN GENERAL.—The term ‘‘total cost’’— (i) means all product costs, period costs, and other costs for a good incurred in the territory of Peru, the United States, or both; and (ii) does not include profits that are earned by the producer, regardless of whether they are retained by the producer or paid out to other persons as dividends, or taxes paid on those profits, including capital gains taxes. (B) OTHER DEFINITIONS.—In this paragraph: (i) PRODUCT COSTS.—The term ‘‘product costs’’ means costs that are associated with the production of a good and include the value of materials, direct labor costs, and direct overhead. (ii) PERIOD COSTS.—The term ‘‘period costs’’ means costs, other than product costs, that are expensed in the period in which they are incurred, such as selling expenses and general and administrative expenses. (iii) OTHER COSTS.—The term ‘‘other costs’’ means all costs recorded on the books of the producer that are not product costs or period costs, such as interest. (22) USED.—The term ‘‘used’’ means utilized or consumed in the production of goods. (o) PRESIDENTIAL PROCLAMATION AUTHORITY.— (1) IN GENERAL.—The President is authorized to proclaim, as part of the HTS—

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