26 September 2016

10 Jul 2015

Re-cap on refit


Sponsored by the Marine Industries Association of South Florida (MIASF), the state of Florida passed legislature at the beginning of this month, which will see a cap put on the first USD $60,000 of yacht refits and repairs. Speaking to Executive Director, Phil Purcell of the MIASF, he commented about the benefits such a cap will have on the industry. "South Florida's boat yards have geographic advantage due to our proximity to the Caribbean, Latin America and being a jumping off point to Europe, meaning we're well connected to complete works here." Benefitting from a number of large facilities that are able to accommodate the larger end of the market, the state will no longer need to say goodbye to work due stringent tax laws. "We expect to see many opportunities to grow as a result and see more careers made available that make up our region's USD $11.5 billion industry" Purcell concluded.

President of Bradford Marine, Paul Engle shared to me that the new legislation will bring a flurry of new activity for the region, meaning further growth for the American market. "It is anticipated that we will gain some new customers from overseas, and new business from existing customers that will decide to complete larger projects in the state of Florida instead of returning to their home ports" he commented.

The news comes following the 2011 decision to implement a sales tax cap in the state at USD $18,000. Cromwell Littlejohn, broker at Northop & Johnson explained the monumental impact this had on the industry. "We saw a tenfold increase in tax collected over the previous year, while creating an atmosphere that encouraged yachts to remain in the state rather than the previous norm of requiring many of the yachts purchased in Florida to depart the state, taking jobs and leaving a tremendous void in the berth where the economic footprint of a yacht once floated".

Adding meat to the bones of the industry, such data and proof of the economic impact that the industry continues to improve the name and image of yachting. As Littlejohn continues "early indicators suggest that the new legislation is working, with shipyards investing in more facilities, more equipment, and more workers". Sharing the need for the yacht industry to be seen for more than simply a playground for the ultra wealthy, Littlejohn hopes such tax incentives and their effects on local economy, will help to prove the value of the industry. "Yachts aren't simply an indulgence for the well-heeled, they are an economic engine that benefits Florida and its residents. Bringing more yachts in for refit means the knock-on effect is seen across the state, from the owners and crews visiting our restaurants, shopping in our stores, staying in our hotels and spending money for the duration of their visit."

With a number of yards based in the state, including Bradford Marine, Derecktor and Rybovich, the new legislation shows great promise for the state and the industry members represented there.

Profile links

Bradford Marine


Marine Industries Association of South Florida

Northrop and Johnson

Rybovich Superyacht Marina and Refit


Add a comment

1800 character limit

Having problems? Let us know editor@superyachtnews.com

Other Business News

The Superyacht Owner's VIP Lounge Returns to Virage

After an extraordinary turn of events the Superyacht Owner’s VIP lounge returns to its traditional home. Make sure your name is on the guest list More

Inspiration or just PR?

As concepts arrive on our desk in the run up to Monaco, we look at the line between inspiration and PR More

Eight superyacht losses in 2016

Thus far 2016 has seen eight serious incidents that have resulted in the loss of superyachts, nearly five more than the average numbers of yacht fires between 2010 and 2015.  More

When one yacht crew receives €60,000 of prizes...

We delivered €60,000 of prizes to the crew of motoryacht Secret, the winner of The Crew Report's Superyacht Golden Ticket survey. More

business News Archive

Most Recent Comments

  1. SY Kaori comes to the aid of a yacht in distress More
  2. Bureaucracy hits superyachts cruising Italy More
  3. Back to basics More
  4. Cannes increases security as Balearics increase business More
  5. Brokers - Sailors or salesmen...? More
SuperyachtNews app available now. Click here to download.
The Superyacht Intelligence Annual Report is out now. Subscribe today and access your digital copy instantly. Subscribe now.


Get regular updates from SuperyachtNews with our weekly Email Newsletter.



Latest Premium Listings

Cummins Inc.

Cummins Inc.

Nlightened Software Ltd

Nlightened Software Ltd

Cogs 4 Cancer

Cogs 4 Cancer

Zytexx International Ltd

Zytexx International Ltd

Melita Marine Group

Melita Marine Group

Raytheon Anschuetz

Raytheon Anschuetz

Kahlenberg Industries, Inc.

Kahlenberg Industries, Inc.

Directory. Add your logo here with a premium listing.

Featured Listings

Paint & Protection

WREDE Consulting is an independent paint consultant and paint surveyor company who has worked for most of the 200 largest yachts worldwide in coating, paintwork and equipment areas. WREDE Consulting engages in quality management and objective quality assessment for the coating of mega- and superyachts. www.wrede-consulting.com

Tenders & Toys

Superyacht Tenders & Toys
Superyacht Tenders & Toys have a high level of expertise in providing new build and custom tenders, chase boats, RIBs & all popular yacht toys. With an unrivalled global service network, maintaining a personal & bespoke service, wherever you are in the world, Superyacht Tenders & Toys can help.

Engine Room, HVAC & Refrigeration

ASEA POWER SYSTEMS is the Marine Industry Leader for Shore Power Conversion equipment ranging in power from 8kVA - 1000kVa.

Satellite Communication

Marlink AS
Marlink offers seasonal, flexible contracts to match regional sailing requirements. Through our dedicated account managers & customer services, we develop personal relationships with customers & drive innovations to develop digital solutions & smart applications that take you beyond just connectivity.

Electrics, Environmental Solutions, Propellers & Propulsion, Software, Training

ABB Marine and Ports
ABB is a leading supplier of electrical power and propulsion systems for ships. We provide innovative, safe and environmentally-friendly solutions and qualified services worldwide. Our Azipod® propulsion has proven its efficiency and reliability on yacht vessels with its ultimate silent and ecological solution.

Navigation, Satellite Communication, Security

Raytheon Anschuetz
Integrated Navigation Systems based on state-of-the-art technology and decades of experience in the superyacht industry. Ultimate knowledge and flexibility in system integration. Dedicated customer care throughout the whole project and beyond.

Shore Power Convertors

Atlas Marine Systems, the world leader in the design of marine electrical power systems, offers a full range of engineering services necessary to define the onboard electrical distribution system or simply the application of the Atlas power conversion products.

Water Treatment & Watermakers

Jets Vacuum AS
Jets Vacuum has for over 30 years been the leading innovator in vacuum sanitation technology. With over 11,000 Jets systems in operation on all types of ships, Jets are known for high quality, flexible cost efficient solutions backed up by first class world wide service

Add your company listing here

Add a featured listing here and your advert will appear on every page of SuperyachtNews.com, SuperyachtIndex.com, TheSuperyachtReport.com and TheCrewReport.com.

Add my company listing