New Law Allows Wyoming County to Participate in Foreign Trade Zone

Patrick M. Gallivan

December 10, 2018

Program Provides Cost Savings for Local Businesses

Senator Patrick M. Gallivan (R-C-I, Elma) announces legislation giving Wyoming County the authority to participate in the Foreign Trade Zone program has been signed into law by the governor.  The bill, (S.7000) sponsored by Senator Gallivan, would designate Wyoming County as a sub-zone of Erie County’s Foreign Trade Zone, providing local businesses and manufacturers with various cost saving options.

"This new law will allow dozens of Wyoming County businesses to participate in the Foreign Trade Zone program and result in significant savings for these manufacturers,” Senator Gallivan said.  “The savings will help these companies create and retain local jobs and encourage further investment and growth.”

Foreign trade zones were established as part of the Foreign Trade Zones Act of 1934 to expedite and encourage foreign commerce.  The program affords companies and manufacturers cost saving options related to United States taxes applied to imported or exported merchandise.

Wyoming County is currently home to over 50 advanced manufacturing companies, which account for 16 percent of the county’s total workforce.

The legislation was sponsored in the State Assembly by Assemblymember David DiPietro.

 

-30-