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Prince George’s County’s Foreign Trade Zone 63. Prince George’s County Economic Development Corporation 1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com. Ideal Location. Prince George’s County Economic Development Corporation - PowerPoint PPT Presentation
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Prince George’s County’s Foreign Trade Zone 63
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Ideal Location
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Ideal Location
Proximity to 1/3 of the Consumer & Industrial Market (Overnight Delivery)
Direct Flights to US West Coast, Eastern & Western Europe– Three Major Airports
Region is 5th Largest Retail Market, 4th Largest Population Center
Proximity to US Federal Government– 1/3 of Federal Spending in Region– $8.7 Billion in Federal R&D Obligations
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
What is a U.S. Foreign Trade Zone?
A Foreign-Trade Zone is a specially designated area, in or adjacent to a U.S. Customs Port of Entry, which is considered to be outside the Customs Territory of the U.S.
A Public/Private Partnership to maintain and attract U.S.-based international trade activity.
Source: http://www.ftzcorp.com/Whatis.htm
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Establishment of Foreign-Trade Zones
To encourage and expedite U.S. participation in international trade To foster dealing in foreign goods imported not only for domestic
consumption but also for re-export after combining with domestic goods
To defer payment of duties only until goods are entered into the commerce of the U.S.
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Foreign-Trade Zones are established:
What activity is permissible in a Foreign Trade Zone?
In a ZoneMerchandise may be assembled, exhibited, cleaned, manipulated, manufactured, mixed, processed, relabeled, repackaged, repaired, salvaged, sampled, stored, tested, displayed and destroyed
Retail Trade is ProhibitedPrince George’s County Economic Development Corporation
1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
FTZ Benefits
Duty is deferred for products admitted to the FTZ
Duty is eliminated on products imported to and exported from FTZ outside the US
Duty is eliminated on products admitted and subsequently destroyed within the zone
Duty is reduced on imported products admitted to the FTZ due to inverted tariffs
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
FTZ Benefits (cont.)
Merchandise may be transferred from zone to zone, extending the period of deferral
Users may obtain permission from Customs to move merchandise directly from the port of entry of the FTZ
Weekly entry and export is available to reduce administrative reporting
Duty is deferred on production equipment admitted to the FTZ for assembly and testing until placed in use
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Inventory Tax Exemption
100% exemption from personal property assessments for commercial inventory, manufacturing/R&D inventory and manufacturing /R&D machinery within the FTZ (2005/2006 tax year and continuing until changed).
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Current Trends
Manufacturing volumes in many sectors are moving offshore, particularly Asia.
Companies are mapping their supply chain to reflect commodity flows, transportation, labor and proximity to customers.
Supply chain consolidation is supporting “Big Box” regional distribution over smaller feeder warehouses that supply fewer customers.
Big Box distribution by importers combined with a 2000 Amendment to the Foreign-Trade Zones Act providing for weekly entry is spurring growth in the program by a new profile of users.
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Opportunities
Over $200 billion (in value) of merchandise is received at FTZs annually.
Duty may be payable in accordance with the inverted tariff applicable to the finished product as removed from the zone, depending upon which is lower.
Business-to-Business seamless transactions reducing supply chain cycle time – direct delivery, weekly entry and weekly export.
Communities can retain existing jobs, attract new jobs and gain developer investment in the local community
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Aerial view photo
Prince George’s County Economic Development Corporation
Master Plan
Prince George’s County Economic Development Corporation
Steeplechase 95International
Business ParkForeign Trade Zone 63
Description of the Site
Steeplechase 95 International Business Park is a 110-acre mixed-use development located at the Capitol Beltway (I-495) and the new Ritchie Marlboro Road interchange.
The business park offers individual sites that can accommodate buildings from 50,000 to 500,000 square feet, excellent access, visibility, and ample amenities
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Proposed Amenities at Steeplechase 95 International
Business Park
Restaurants Banks Gas and Convenience Stores Offices for International
Agencies (conceptual) New Product Exhibition Space
(conceptual) Meeting Space (conceptual) Small Trade Offices with
Shared Services (conceptual) Advanced Telecommunications
systems
Landscaped Park-like setting w/ hiker-biker trails (conceptual)
Video conference Suite (conceptual)
Secure and Well lighted common areas
WiFi Internet access (conceptual
Supporting Trade Facilities and Operations (conceptual)
Public Transit Accessibility On Site-Parking
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Proposed Amenities at Steeplechase 95 International
Business Park
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
INTERNATIONAL TRADE SERVICES BUILDING 220 room 4-star hotel Hotel condo units serviced through the concierge 75,000SF+ office space to include an 11,000SF office block to
accommodate an international incubator and small trade offices Meeting rooms Small exhibition space Underground structured parking
Premium Location
Located at I-95 in one of the most commercially desired areas in Prince George’s County, Maryland: – Foreign Trade Zone– Maryland Enterprise Zone – State of Maryland Priority Funding Area
Premium Property Premium Location Exceptional Opportunity
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Premium Location
Over 5.5 million people in Baltimore-Washington Metro area
Accessible by I-95 Within an overnight freight haul to over 100 million
people 20-30 minutes from the 3rd largest US seaport (Port
of Baltimore) and BW Thurgood Marshall International (cargo operations)Premium Property Premium Location Exceptional Opportunity
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Provides a Gateway to:
The North/South Corridor– I-95 (Florida to Maine)– I-70 (Ohio Valley)
The Port of Baltimore Baltimore Washington Thurgood Marshall
International Airport (BWI) Dulles International Airport (IAD)
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Preferred Market Sectors
Housing related industries Auto parts and related products Chemical Products Plastics Rubber Products Joinery Tubes Pigments Essential Oils Perfumery, Cosmetics,
Shampoos, Make-up Polymers Electronics
Polyethylene Polyurethane Petroleum resins Floor and wall coverings Plates and sheets Wood, cork, and straw products Nickel Specialty steel Aluminum
Products Medicines Clothing Medicines Aerospace
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Maryland’s Manufacturing Incentive Package
No gross receipts tax for manufacturers No sales tax on:
– capital manufacturing machinery and equipment– tangible personal property– equipment or materials used or consumed in manufacturing– Gas, electricity, steam, oil or coal consumed directly or
predominantly in a production activity No State or business personal property tax No income tax on foreign dividends (if corp. owns more than 50% of
subsidiary)
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Maryland Enterprise Zone Program
The real property tax credit is 80% of the taxes due on the increase in assessed value as a result of the capital improvements in the property over the first five years, decreasing 10 % annually during the following years
The income tax credit is a one-or three-year credit for hiring new employees.
– Generally, $1,000– Economically disadvantaged, $6,000
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Maryland Research and Development Tax Credit
Basic R&D Tax Credit– 3% of eligible R&D expenses that do not exceed
firm’s four year average Growth R&D Tax Credit
– 10% of eligible R&D expenses that do not exceed the firm’s four year average
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Other Tax Credits
Maryland Job Creation Tax Credit Maryland Disability Employment Tax Credit Employment Opportunity Tax Credit for
Employers Work Opportunity Tax Credit (Federal)
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com
Contact
Prince George’s CountyEconomic Development Corporation1100 Mercantile Lane, Suite 115A
Largo, MD 20774Phone: 301-583-4650
Email: [email protected]
Prince George’s County Economic Development Corporation1100 Mercantile Lane Suite 115A Largo, MD www.pgcedc.com