Incentives

Foreign Trade Zone

Foreign Trade Zones (FTZ) are designated areas which are considered outside of U.S. Customs territory. Companies that operate in FTZ designated areas can defer, reduce, or eliminate customs duties on foreign products that are brought into the zones for storage, exhibition, assembly, manufacture, and processing. Customs duties are not paid on products and materials exported from foreign-trade zones; they are paid only on products entered into U.S. Customs territory. Zone users may elect to pay the duty rate applicable to either the original foreign material or the finished product manufactured from the foreign material, whichever is lower. No duties are owed on scrap/waste. Zones provide the opportunity to reduce cycle time by expediting the receipt of foreign sourced material and filing summary entries only once per week. This makes many U.S. operations more cost-competitive with overseas operations.

As of January 2021, Foreign Trade Zone designation can be brought to any company within New London County.

Contacts

Tom Bombria

City of New London Office of Development and Planning

Phone: (860) 437- 6346

tbombria@newlondonct.org

Category: Incentives

More Incentives

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This program provides tax incentives for manufacturers and certain related businesses that build or substantially renovate facilities in the Groton-New London Airport area. For details, refer to the Groton-New London Airport ADZ Overview. Learn More
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Wage and training subsidies to promote the hiring of unemployed jobseekers.  Six-month wage subsidy or training grants of up to $12,500 available per new employee. Contact the Linda Riquier at LRiquier@qvcc.commnet.edu, 860-455-1555 or go to ewib.org. Details about the program can be found here. Learn More
Save energy and reduce your energy bills with incentives, rebates, financing and services for energy efficiency and clean energy improvements. Go to energizect.com. Learn More
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This grant program is intended to help Connecticut supply chain companies with the adoption and integration of IoT solutions. The program will provide matching grants up to $20,000 for hardware, sensors, platforms, and related third-party integration services.

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