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

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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.”

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