On January 6, 2016, Foreign-Trade Zone (FTZ) #295, encompassing Blair, Bedford and Cambria counties, was awarded a Grant of Authority by the FTZ Board to establish and operate a regional based Alternative Site Framework FTZ program.
Senator Pat Toomey, U.S. Rep. Keith Rothfus, R–Sewickley, and U.S. Rep. Bill Shuster, R-Hollidaysburg, all applauded the creation of the FTZ in a news release issued by Rothfus’ office. “The establishment of Foreign-Trade Zone 295 is a significant victory for Western Pennsylvania that will facilitate international business opportunities and enable our region to become more competitive,” Rothfus said.
“After working with the Administration on a bipartisan basis, local manufacturers and job creators in Bedford, Blair, and Cambria Counties now have access to a foreign-trade zone. There are seven other foreign-trade zones in Pennsylvania that help American employers by allowing them to pay reduced tariffs on their manufacturing inputs. Businesses across Pennsylvania have used foreign-trade zones for decades,” Toomey said.
FTZs are geographic areas that allow businesses within the zone to benefit by receiving deferred, reduced or eliminated tariff, duty and/or entry fees which may be levied on merchandise imported into the country and kept in an FTZ. While in this bonded and secured area, merchandise can be stored, manipulated to add value or destroyed. When the item leaves the FTZ and enters the U.S. stream of commerce the tariffs, duties or fees must be paid on the finished goods. If merchandise is exported outside of the U.S. then none of the tariffs, duties or fees will be paid.
For additional information on the FTZ program and to determine if your company can benefit please contact Matthew Fox at 814-944-6113 or firstname.lastname@example.org