posted on January 08, 2013 14:48
The Genesee County Economic Development Center announced today that Genesee County has been approved as a Foreign-Trade Zone.
An FTZ is a site within the U.S. designated by the Department of Commerce where foreign and domestic merchandise is considered to be in international commerce. This is the first FTZ in the Finger Lakes Region since a similar zone was created in MonroeCounty in 1987.
The application designates the Apple Tree Acres and the GeneseeValleyAgri-BusinessPark as magnet sites.
When a final product is exported from an FTZ, no U.S. Customs duty or excise tax is levied.
There are 14 FTZs currently approved in New YorkState, four of which are located in or near New York City.