FTZ No. 79 expansion, expedited process to benefit international commerce

Expansion of Foreign-Trade Zone No. 79 to include Polk County in addition to Hillsborough County plus an administrative restructuring to alternative site framework should expand opportunities for Customs-related benefits for Central Florida companies doing business through the Port of Tampa.

The changes, announced in June, are part of a new regional approach, according to Torrey Chambliss, administrator for FTZ No. 79.
"It will provide a valuable marketing tool for Port of Tampa, Tampa International Airport and Tampa area economic development organizations," Chambliss said. "The process will be expedited for businesses to receive federal and local FTZ approvals."

Paul Anderson, the Tampa Port Authority's president and CEO, commented, "The decision by the Foreign-Trade Zone Board to expand to Foreign-Trade Zone to include Hillsborough and Polk counties will help continue economic growth for the entire Tampa Bay region.

"This will give businesses both large and small a valuable strategic tool to compete in markets around the world," Anderson added.
Businesses located in an FTZ can take advantage of deferral, reduction, or elimination of U.S. Customs & Border Protection duties and related improved cash flow.