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.”
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DeFrancisco sponsored the trade-zone legislation in the state Senate. State Sens. Patty Ritchie, Michael Nozzolio, and David Valesky co-sponsored the Senate legislation.
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at rseltzer@cnybj.com