VIDEO: Update planned on effort to end foreign-flagged yacht sales restrictionsPosted on
The International Yacht Brokers Association will host a media event with U.S. Rep. Lois Frankel, D-Fla., on April 25 to update the press and the brokerage community about the effort to remove federal laws barring the sale of foreign-flagged yachts to U.S. citizens in U.S. waters.
The event will be held at 9:30 a.m. at Palm Harbor Marina in West Palm Beach, Fla.
The IYBA said removal of the outdated 108-year-old law would allow U.S. residents to board and purchase foreign-flagged vessels in U.S. waters, which only non-U.S. residents are now permitted to do.
If Congress approves the change, also known as “deferred importation,” owners of these vessels would pay duty at the time the boat is sold, just as other nations require of U.S.-flagged vessels that are sold in their waters.
This video describes the benefits of deferred importation:
“We are excited that Congresswoman Frankel has decided to update the industry and media on this important effort,” Cindy Sailor, IYBA executive director, said in a statement. “IYBA for several years has led the push to remove this restriction, which would create jobs, stimulate the economy and increase tax revenues at both the federal and state level. Ms. Frankel has been a tireless supporter of this effort, which also is backed by many of our industry’s leading companies and organizations.”
“Studies show that implementation of deferred importation would generate thousands of industry-related jobs and encourage $2.46 billion in additional U.S. recreational marine sales and economic activity,” said Staley Weidman, chairman of the IYBA’s legislative affairs committee. “ It’s time to remove this onerous restriction, which prevents job creation and discriminates against U.S. residents while in their own country.”