The Triton

Event

FYBA event sale of foreign-flagged yachts to U.S. citizens while in U.S. waters

Map Unavailable

Date/Time
Date(s) - Nov 9, 2015
02:30 pm

Categories


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Removal of this outdated 107-year-old law would allow U.S residents to board and purchase foreign-flagged vessels while in U.S. waters; something currently only non-U.S. residents are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.

Editor’s Picks

Antigua17: Chefs contest brings crew closer

Antigua17: Chefs contest brings crew closer

Chefs on Adiamo, Sarissa and Vigilant I take top honors at Antigua By Dorie Cox Competing in the Concours de Chef is fierce and …

Eng. James “Jimmy” Cascella dies after motorcycle accident

Eng. James “Jimmy” Cascella dies after motorcycle accident

By Dorie Cox Eng. James "Jimmy" Cascella died Dec. 7 from injuries sustained in an accident on Interstate 95 at Hollywood Boulevard in …

Triton Networking with Ocean Wine and Spirits

Triton Networking with Ocean Wine and Spirits

Nearly 200 captains, crew and industry folks joined us for Triton Networking on the first Wednesday of December with Ocean Wine & …

Events