By Dorie Cox
U.S. Rep. Brian Mast (R-FL) introduced a tax reform bill to encourage job growth in the marine sector to the U.S. Congress on Friday (Aug. 18). Mast, who represents the 18th Congressional District, announced the news at a press conference with International Yacht Brokers Association today (Aug. 21) at Rybovich shipyard in West Palm Beach, Florida.
The bill, referred to as the Maritime Industries Relief Bill, would completely repeal duty payment on pre-owned dutiable foreign-flagged boats offered for sale to U.S. residents while in U.S. waters. It is one of several tax reform bills that have been introduced in an effort to aid the megayacht and marine industries.
Dorie Cox is editor of The Triton. Comments on this story are welcome below.