FYBA EVENT SALE OF FOREIGN-FLAGGED YACHTS TO U.S. CITIZENS WHILE IN U.S. WATERS
The Florida Yacht Brokers Association (FYBA) will host an event with Congresswoman Lois Frankel (D-FL) on Monday, November 9th at 2:30 p.m. in the Yachting Tent at the Fort Lauderdale International Boat Show, Booth 559-560.
Congresswoman Frankel will update on the status of the effort to remove federal laws barring the sale of foreign-flagged yachts to U.S. citizens while in U.S. Waters.
“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. “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 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.”
Removal of this outdated 107-year-old law would allow U.S residents to board and purchase foreign-flagged vessels while in U.S. waters; something currently only non-U.S. residents are permitted to do. Also known as “Deferred Importation”, if passed owners of these vessels simply would pay duty at the time the boat is sold, just as other nations require of U.S.-flagged vessels sold while in their 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.”
For more information about the benefits of Deferred Importation, please see: The Ripple Effect.