To provide for additional extension periods, not exceeding 2 years in the aggregate, in the time allowed for reexportation of certain goods admitted temporarily free of duty under bond.

Amends the Harmonized Tariff Schedule of the United States to authorize the extension of time (not to exceed five years) for the exportation of certain articles to be repaired, altered, or processed, including processes which result in articles manufactured or produced in the United States, that are imported duty-free under bond, provided that any extension beyond the third year must be accompanied by the importer's certification that such articles are to be incorporated into a communications satellite.

Subjects to liquidated damages any such articles imported after January 1, 1983, and three years before the effective date of this Act, that are certified by the importer as having been dedicated for incorporation into a communications satellite, and as not having been exported within the time required because of launch schedule delays. Limits such liquidated damages to a maximum one percent of the liquidated damages established under the bond.