Congressional Budget Office Cost Estimate: S. 793: Shark Fin Trade Elimination Act of 2017   [open pdf - 89KB]

"S. 793 would prohibit the sale, transport, possession, and purchase of shark fins and products containing shark fins. Violators of this prohibition would be subject to a civil penalty pursuant to the Magnuson-Stevens Fishery Conservation and Management Act. The bill also would allow for the lawful possession of shark fins obtained via a state, territorial, or federal license or permit if the shark fin is destroyed or discarded, used for noncommercial purposes, or used for display or research purposes by a museum, college, university, or any permitted researcher. The prohibition in the bill would not apply to Mustelus canis (smooth dogfish) or Squalus acanthias (spiny dogfish). Because S. 793 would prohibit the sale and purchase of shark fins, CBO [Congressional Budget Office] estimates that revenues from customs duties collected on imported shark fin products would decline. CBO also estimates that penalty collections resulting from violations of the bill's prohibitions would increase revenues. Therefore, pay-as-you-go procedures apply. However, based on information from the National Oceanic and Atmospheric Administration (NOAA) and from states that ban the possession of shark fins, CBO estimates that the net effect of those revenue changes would not be significant in any year or over the 2018-2027 period. Enacting the bill would not affect direct spending. CBO estimates that enacting the legislation would not significantly increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2028. S. 793 contains no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments."

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