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Legislation expands foreign trade zone to create jobs, investment in CNY

By Will Barclay

Date:

I was pleased to co-sponsor legislation that aims to draw more businesses to Central New York.  In March, the New York Assembly unanimously passed legislation that will expand the foreign trade zone.  The Senate also passed this bill and it awaits Governor Cuomo’s review. The legislation would expand the foreign trade zone, established at Syracuse Hancock International Airport, to include Oswego, Cayuga and Madison counties.

This legislation aims to incentivize international trade and create jobs and investment here, rather than abroad. In certain cases, businesses face tariffs (taxes on imports or exports) that penalize companies for making their product in the United States.  Foreign trade zones aim to eliminate some of these tariffs and provide advantages to domestic manufacturers.  

I am hopeful the governor signs this legislation into law.  It would broaden possibilities for more manufacturers to locate in our area and strengthen our region as we seek to add jobs to the local economy.  

When companies consider sites to expand or relocate, they have to consider the cost of everything, including taxes. A foreign trade zone would provide our region with an advantage. Expanding such zones would be an asset to our region moving forward in our global economy.             

 

William (Will) A. Barclay is the Republican representative of the 124th New York Assembly District, which encompasses parts of Oswego and Onondaga counties, including Oswego, Fulton, Camillus, and Skaneateles. Contact him at barclaw@assembly.state.ny.us, or (315) 598-5185.

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