FYBA will address restriction on foreign-flagged yacht sales at FLIBS

Author:
Updated:
Original:

The Florida Yacht Brokers Association will host a media event with U.S. Rep. Lois Frankel at the Fort Lauderdale International Boat Show to update the brokerage community on efforts to remove federal laws barring the sale of foreign-flagged yachts to U.S. citizens while in domestic waters.

The event will take place Nov. 9 from 2 to 2:30 p.m. in the Yachting Tent, Booth 559-560.

“We are excited that Congresswoman Frankel has decided to update the industry and media on this important effort on the final day of FLIBS,” said Cindy Sailor, FYBA executive director, in a statement. “FYBA 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 levels. Ms. Frankel has been a tireless supporter of this effort, which also is backed by many of our industry’s leading companies and organizations.”

Removal of the law would allow U.S. residents to purchase foreign-flagged vessels while in U.S. waters, something currently only non-U.S. residents are permitted to do.

Removal of the restriction, also known as “deferred importation,” owners of these yachts would pay duty at the time of the sale, just as other nations require of U.S.-flagged vessels sold while in foreign waters.

“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 Jeff Erdmann, chairman of FYBA’s Legislative Affairs Committee. “It’s time to remove this onerous restriction, which prevents job creation and discriminates against U.S. residents.”

Related

STAR BRITE DEBUTS NEW MARINE DESCALING FLUID

Star brite introduces Marine Descaling Fluid—a powerful, easy way to descale raw water-cooled systems using recirculation. It saves time, energy, and a lot of headache, allowing for a faster, cost-effective return-to-service for equipment.

NAW Elects 2021 Officers

Michael Medart of Medart Engine and Marine takes the helm as chairman of the National Association of Wholesaler-Distributors board.

Caterpillar Names Global Manager

Alex Berg will lead the manufacturer’s pleasure craft and yachting segment.

Nearly 320K Boats Sold in 2020

NMMA says new-boat sales are at their highest level in 12 years, with all powerboat segments up 8 to 22 percent.

‘Injection of Capital’ for Cox Powertrain

The British company said it will use the $16.7 million to expand operations and ramp up production of its CXO300 diesel outboard.

Groupe Beneteau Releases Preliminary 2020 Financials

Revenues were down 15.1 percent for the 16-month period that ended Dec. 31. A full report is due next month.

A Modern Twist on Word of Mouth

The supercharged power of user-generated content.