August 21 2017
West Palm Beach, Fla. – August 21, 2017 – Today, U.S. Congressman, Rep. Brian Mast (R-FL 18th District) announced two bills aimed at creating jobs in the marine industry at a press conference hosted by the International Yacht Brokers Association, the world’s largest organization of yacht and yacht charter sales professionals. The event was held today at the Rybovich Superyacht Marina in West Palm Beach.
Rep. Mast unveiled plans to submit these bills, which support IYBA’s Deferred Importation initiative to reform the outdated Tariff Act of 1930, to be included in the tax reform package U.S. Congress will assemble when it returns from summer recess. The first bill calls for the complete 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 well-established yachting 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. This, coupled with Rep. Lois Frankel’s (D-FL 22nd District) 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,” says Staley Weidman, chairman of the IYBA Public Affairs Committee. “We believe this multi-pronged 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. 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.”