U.S. Rep. Lois Frankel of Florida reintroduced a bill this week to encourage more yachts to be available for sale in the United States.
At a press conference at Palm Harbor Marina in West Palm Beach, Fla., the Democratic congresswoman said amending a 1930 law would allow U.S. citizens to pay import duty after the purchase of a foreign-flagged yacht while in U.S. waters. Currently, the law requires duty to be paid before a vessel can be offered for sale.
Republican Rep. Ted Yoho of Florida partnered on the reintroduction of the bill. If passed, the bill will incentivize owners to bring their boats to the U.S. for sale, which will contribute to the economies of coastal communities and create jobs, Rep. Frankel said.
Click for the full text of bill H.R. 2369 (previously H.R.4065) “To amend the Tariff Act of 1930 to provide for a deferral of the payment of a duty upon the sale of certain used yachts, and for other purposes.”
Click to read previous coverage in The Triton.