Maritime Industries Relief Act
As Congress considers comprehensive tax reform, the Maritime Industries Relief Act will help support 21st District jobs and the local maritime economy.
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 row boats. 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.
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 21st 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 21st District residents, more than 70% of whom have an annual household income below $100,000.
This is a perfect example of a win-win for consumers and local businesses.
Read the bill:
Get Updates On This Bill
Sign Up For News Alerts: Boosting Jobs & Economic Growth
Note: Fields marked with an * are required.