Aug 21 2017
Marine Manufacturing Supports More Than 3,000 Jobs, 400 Companies in 18th District
West Palm Beach, Fla. – U.S. Congressman Brian Mast (FL-18) today announced the introduction of the Maritime Industries Relief Act. As Congress begins to consider comprehensive tax reform, this tax relief bill will help support 18th District jobs and the local maritime economy.
“This is a jobs bill, plain and simple,” Rep. Mast said. “We have a thriving maritime industry, and it’s absolutely critical that, as Congress considers comprehensive tax reform, we do everything we can to help American businesses compete. This is a perfect example of a win-win for consumers and local businesses.”
The bill repeals the duty payment imposed on pre-owned dutiable foreign-flagged boats offered for sale to U.S. residents while in U.S. waters, including motorboats, sail boats, canoes and rowboats. The repeal of this duty payment will make it more affordable to bring used boats into the United States, which will then rely on service and support in U.S. ports by U.S.-based companies and workers.
“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,” IYBA Public Affairs Committee Chairman Staley Weidman said. “Ultimately, passage of this bill 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.”
The current tax structure disadvantages U.S.-based marine businesses by making it more likely that used boats will go to foreign-based ports to be repaired. The marine manufacturing industry in the 18th District supports more than 3,000 jobs and more than 400 local businesses. The local economic impact of the industry is more than $600 million.
The bill also makes it more affordable for U.S.-based consumers to purchase used boats. There are more than 41,000 recreational boats owned by 18th District residents, more than 70% of whom have an annual household income below $100,000.