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The new Bay County Airport hopes to boost local economy by adding a Foreign Trade Zone.
At the last Airport Board Meeting the Board authorized staff to pursue application for a Foreign Trade Zone for the new Bay County International Airport, which is currently under construction.
An FTZ would provide incentive to bring in companies. When companies ship materials, they have to pay a tax on them. Many times the taxes on the individual components end up costing them more than the completed good. With a Foreign Trade Zone the companies can import the raw materials, assemble the product, and then only pay a tax when it leaves.
And more companies means more jobs.
Stephanie Kopelousos, Florida’s Secretary of Transportation, paid a visit to the new airport site today. She says the FTZ would provide many opportunities to the area.
“Just look at how many people are working today just in the construction of it,” Kopelousos says. “And then you look when it’s fully operational and then once you get the cargo side as well moving that’s a lot of opportunities, a lot of jobs.”
Airport Board Executive Director Randy Curtis says this is part of the natural evolution of the airport. “The fact that we’ve got a significant amount of industrial land available almost 1,400 acres on the new airport site and it definitely will be an advantage to have that destination as we go out and recruit industry.”
Curtis is evaluating options for the Foreign Trade Zone, which he says will help boost the economy by bringing in businesses.
“It’s a benefit to certain industries,” he says, “As far as trade tariffs to be able to import goods into the country and have savings on the taxes that would apply.”
The Airport Authority will put in a request for the FTZ, which could take up to a year to be approved.
The new international airport is currently under construction in west Bay County. It is expected to be completed in 2010.
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