By Vicki Needham - 07/19/13 09:28 PM EDT
Baucus said he is aiming to move this bill through Congress quickly and get it signed into law.
The House introduced a companion measure on Wednesday.
“GSP is good for the American economy, helping domestic companies save millions of dollars in tariffs and supporting much-needed job creation throughout the nation," Hatch said.
Hatch argued that the program should not be allowed to expire while the economic recovery remains sluggish.
"That is why I’m committed to working with Chairman Baucus and my colleagues in Congress to ensure our legislation is swiftly enacted into law."
The program provides duty-free access to the U.S. market for 3,500 products from nearly 130 developing countries and access for nearly 1,500 additional products from “least-developed” countries.
In 2012, U.S. businesses imported nearly $20 billion worth of products under GSP, including many used in U.S. manufacturing.
The legislation is fully offset by provisions extending the merchandise processing fee until Jan. 22, 2022 and the Consolidated Omnibus Budget Reconciliation Act (COBRA) fee until January 29, 2022.
The measure also increases the amount of the required installment of estimated tax due in 2019 for certain corporations and reduces the amount due in following periods by the corresponding amount.