Incentives

Foreign Trade Zone

Lakeside Corporate Center at PenMar is designated as a Foreign Trade Zone (FTZ).

FTZs are sites designated by the Foreign-Trade Zones Board in which special
United States Customs Service procedures may be used. These procedures allow domestic activity involving foreign items to take place prior to formal Customs entry. Duty-free treatment is accorded items that are reexported and duty payment is deferred on items sold in the U.S. market.

Some FTZ Benefits include:

• Imports may enter and be held in an FTZ without Customs duties. Duty is paid only when those imports are shipped into U.S. Customs territory.
• Customs duties are not paid on merchandise reexported from an FTZ.
• Duties are not owed on labor, overhead or profit attributed to FTZ production operations.
• FTZ users can pay the duty rate on component material or merchandise produced from component material; whichever is lower.
• No duty is owed on in-bound zone-to-zone transfer of FTZ merchandise.
• Tangible personal property held in an FTZ for export is not subject to state and local taxes and ad valorem taxes.
• Materials used/consumed in FTZ processing are generally not subject to duties.