New York State Senator John A. DeFrancisco announced that Governor Andrew Cuomo signed into law legislation (S6471) that expands Onondaga County’s foreign trade zone to include Cayuga, Oswego, and Madison counties.
Imports and exports are a major source of growth for Central New York, and the expansion permits existing businesses to expand distribution and increase international trade.
“This measure helps by making it easier for companies to access the tax benefits of a foreign trade zone, and it allows for all of Central New York counties to work together to seek foreign business,” said Senator DeFrancisco. With the passage of this law, businesses within the foreign trade zone service area can save or postpone the taxes that they pay on the products they make,” DeFrancisco added.
Businesses do not have to pay taxes on products until the products leave the foreign trade zone, and exported products will not be taxed at all. In addition, if the product is part of another product, like a part for a car, once it becomes part of another product, the business will pay less taxes on the part.
“At a time when jobs and companies are leaving Central New York, business-friendly legislation like this will help to make our community competitive,” said Senator DeFrancisco. “Central New York’s assets are stronger from a regional perspective, and this law further strengthens the region and helps to attract new businesses to the area, as well as grow existing businesses, and create jobs in Central New York,” concluded Senator DeFrancisco.
The law takes effect immediately.