Congresswoman says her bill could bring in thousands of marine-i - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Congresswoman says her bill could bring in thousands of marine-industry jobs & billions of dollars

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WEST PALM BEACH, Fla. - A South Florida lawmaker says she is introducing new legislation that could bring thousands of marine-industry jobs and billions of dollars to South Florida.

Congresswoman Lois Frankel says her bill would change an outdated federal law that requires foreign-flagged yachts and charter boat to pay tax before a sale in the United States.

If passed the bill would shift tax payments to after the sale, potentially encouraging foreign yacht owners to sell to Americans.

U.S. Rep. Frankel says the bill would also help boost the local marine industry. "It's good paying jobs throughout the nation especially here in South Florida which is the boating recreational capital of the world."

According to Frankel yacht owners tend to spend 13% of a yacht’s value in repairs and upgrades.
 

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