The Capital Region International Airport is working on obtaining a federal designation for a foreign trade zone, which would reduce or delay the duties businesses would have to pay on imports.
According to excerpts from the article:
The airport expects to receive a federal designation for such a zone. It would include 840 acres around the terminal and runways and allows businesses that import to avoid, reduce or delay paying duties.
"It actually promotes the manufacturing of products within the United States with foreign parts at no additional cost to the manufacturer," said Bob Selig, executive director of the Capital Region Airport Authority.
Companies can store products in the zone to postpone duty payments until merchandise is ready for shipment. That doesn't reduce taxes but it helps companies with cash flow.
Read the entire article here.
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