The New York State Senate has passed legislation to expand the Onondaga County foreign trade zone to include three adjacent counties.
The expanded trade zone would include Cayuga, Oswego, Madison, and Onondaga counties. The legislation creating the trade zone, which has already passed the state Assembly, is now waiting for Gov. Andrew Cuomo to sign it into law.
“This measure would help to make it easier for companies to access the tax benefits of a foreign trade zone, and it would make Central New York a more desirable place to locate a business,” state Sen. John DeFrancisco said in a news release. “With the passage of this law, businesses within the foreign trade zone service area would be able to save or postpone the taxes that they pay on the products they make.”
(Sponsored)

Final Regulations for the Advanced Manufacturing Production Credit
The IRS recently issued final regulations for the Section 45X Advanced Manufacturing Production Credit, clarifying and expanding key provisions from the proposed regulations released in late 2023. These updates are

Fraud Contingencies Plans Are Essential
Your business likely has a disaster recovery plan in place—procedures for handling fires, natural disasters or other crises that could disrupt operations or endanger lives. While a fraud contingency plan
DeFrancisco sponsored the trade-zone legislation in the state Senate. State Sens. Patty Ritchie, Michael Nozzolio, and David Valesky co-sponsored the Senate legislation.
Contact Seltzer
at rseltzer@cnybj.com