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Newsday newsday.com 11 Jan, 2022 20:45 am

Islip's Foreign Trade Zone eyeing 120,000-square-foot expansion in first build since 1990

Islip's Foreign Trade Zone eyeing 120,000-square-foot expansion in first build since 1990
Islip’s Foreign Trade Zone may be expanding by 120,000 square feet, giving some companies an opportunity to reduce tariffs if they operate in the zone. The 52-acre property at Long Island MacArthur Ai

A timeline for the project isn’t clear, but Hemingway said he hopes to see it finished in 18-24 months.Companies can also reduce tariffs when an item or raw material is subject to a higher duty rate than the finished product that is produced in the zone, which is common for vehicle manufacturers that import many automotive parts, Hemingway said.Hemingway said tenants are a mix of property management groups that act as landlords and businesses that own their buildings.To entice importer-exporter tenants, property taxes are waived when a company imports or exports 30% of its business, Hemingway said.

i pShare Tweet Email Islip’s Foreign Trade Zone may be expanding by 120,000 square feet, giving some companies an opportunity to reduce tariffs if they operate in the zone.The Foreign Trade Zone, established in Ronkonkoma in 1981, allows companies to save money through decreased and waived tariffs.

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