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*Savings estimator tool is provided as a general guide for potential savings only — does not reflect individual user’s accurate situation. Tool provided courtesy of Rockefeller GroupClick to make print-friendly
DISCLAIMER: This simple calculator is provided as a courtesy to assist parties in conducting a general, high-level assessment of potential FTZ savings. A specific and detailed evaluation of potential participation in the FTZ program should also be performed by an actual FTZ professional and should include an analysis of the likely costs (e.g., personnel, software, zone fees) that could be involved as well as additional factors that can impact a high-level savings analysis that cannot be accounted for through use of this simple calculator.
Notes: Does not include time quantification of direct delivery savings of expediting merchandise movements; does not include production equipment savings (if applicable); does not account for inventory growth; does not account for handling of quota/visa merchandise; does not include NAFTA transactions. On October 21, 2011, Public Law No: 112-40 was adopted. The law temporarily increases the merchandise processing fee from .21% to .3464% from October 1, 2011 to November 30, 2015. The MPF rate was to revert back to .21% on December 1, 2015 however it has been replaced with a static rate of .3464% from Dec 1 2015 through June 20, 2021 via the US-Korea FTA implementation law in 2011
We are pleased to launch the Greater Cincinnati Foreign Trade Zone (GCFTZ) Newsletter. This quarterly update will focus on providing useful information, updates, and resources for users and advocates of the FTZ program including:
– Grantee Updates;
– FTZ User News;
– Upcoming Events;
– Guides and Presentations;
– Guest Posts;
– and much more…
Board of Directors Expands; Management Agreement Renewed with Port Authority
Greater Cincinnati’s business community has a large international component, and its regional Foreign Trade Zone program has strengthened partnerships to expand the program’s impact as an important business incentive for manufacturers and distributors. Located in eight counties in SW Ohio and Northern Kentucky, Foreign Trade Zones (FTZ) No. 46 and No. 47 comprise the region’s FTZ program, which currently has 10 active users, including GE, Festo and Milacron.
“Our goal in the past year has been to make more companies aware of the cost-savings benefits of the Foreign Trade Zone program and why it can be so valuable to a company’s bottom line,” according to Charles Miller, president of the board of directors of Greater Cincinnati Foreign Trade Zone, Inc., (GCFTZ) the program’s federal grantee. “There are initial costs and time requirements involved in zone application and activation, but the payoffs are huge if an FTZ is feasible for your company.”
The GCFTZ board recently renewed its management agreement with the Port of Greater Cincinnati Development Authority, upping it for another two years. “The Port Authority is excited to continue to manage the regional FTZ program,” according to Laura Brunner, Port Authority President & CEO. “As the Port Authority works to expand manufacturing investment in Hamilton County, the regional FTZ program is a compelling benefit.”
New GCFTZ board members
In addition to approving the Port Authority’s extended management contract, the GCFTZ Board of Directors added three new board members for 2017:
T. James Min II, Vice President, International Trade Law and Global Head of Trade Law Practice Group at Deutsche Post-DHL Legal Department;
Jeffrey Bender, Executive Managing Director at Cushman & Wakefield;
Sheila Spradlin Reich, Owner & Partner at The XPat Desk.
Andy Kuchta, Director of Community and Economic Development at Clermont County, left the board after 8 years of service.
Read the Full Press Release Here: Greater Cincinnati / Northern Kentucky Foreign Trade Zone Program Increases Regional Impact