Florida congressman announces bills to end foreign-flagged yacht sales restrictions

Publish date:

U.S. Rep. Brian Mast (R-Fla.) announced two bills aimed at creating industry jobs at a press conference on Monday hosted by the International Yacht Brokers Association at Rybovich Superyacht Marina in West Palm Beach, Fla.

The bills support the IYBA’s deferred importation initiative to reform the Tariff Act of 1930. The two bills are included in the tax reform package that Congress will assemble when it returns from summer recess.

The first bill calls for the elimination of duty on pre-owned dutiable foreign-flagged boats offered for sale to U.S. residents while in U.S. waters. The second calls for deferment of the duty until after the vessel is sold to a U.S. resident.

If enacted, either bill would help create jobs by encouraging the owners of these boats to bring them to South Florida’s market to offer them for sale.

“Representative Mast has proven to be a huge supporter of the South Florida marine industry and the jobs this legislation will bring to not only South Florida, but to the industry nationwide,” Staley Weidman, chairman of the IYBA public affairs committee, said in a statement. “This, coupled with Rep. Lois Frankel’s (D-Fla.) sponsorship of bill HR 2369, helps to further our cause and provide our legislators multiple options for including deferred importation in the current tax reform bill package.

“We believe this multipronged approach will give Congress several choices to consider for adopting this important legislation that ultimately will allow foreign-flagged and built, pre-owned yachts to freely market and sell to U.S. residents while in U.S. waters,” Weidman added. “Ultimately, passage of any of these bills means those vessels will rely on service and support in U.S. ports by U.S.-based companies and workers. It’s a win-win for everyone.”


Argos 3D Forward Looking Sonar

For 20 Years, FarSounder has been developing and manufacturing 3D forward-looking sonar for vessels of all sizes.

Dometic Marine Appoints Executives

The company promotes a 20-plus-year employee and adds a vice president of aftermarket sales and e-commerce.

IMEA Launches Scholarship Program

The International Marine Electronics Alliance aims to recruit students into the field of marine technology.

RBFF Campaign Reels in Awards

The fishing-and-boating advocacy group’s Get on Board campaign was recognized by two national public relations organizations.

Suzuki’s Clean Ocean Project

Testing of the engine manufacturer’s microplastics filtering device continues as it moves closer to production. The company also released its full-year financials.

Uflex Adds to Sales and Marketing Team

The company said significant growth during the last few years created the need to add three employees.

NMTA Beats Proposal To Double Excise Tax

It’s just one example of the value of belonging to a state or local marine trade association. Are you a member of an MTA?