WY: Foreign Trade Zone 157 Reorganization Approved

Casper/Natrona County International Airport announced that the U.S. Foreign-Trade Zones Board approved the Airport’s application to reorganize the Airport’s Foreign Trade Zone (FTZ) under the Alternative Site Framework (ASF) regulation.

FTZ 157 was organized under the Traditional Site Framework and had two general purpose sites, one located on Airport property (492 acres) and one covering the Casper Logistics Hub (984 acres). Under the Alternative Site Framework, the two general purpose sites will remain as magnet sites, but the FTZ will now cover nearly all of Natrona County. Under the ASF, new usage driven sites will be approved within 30-45 days without an application fee, much quicker and less expensively than under the Traditional Site Framework.

FTZ 157 is the only Foreign Trade Zone in Wyoming.

According to Customs and Border Protection, the advantages of using a Foreign-Trade Zone include the following:

• CBP duty and federal excise tax, if applicable, are paid when the merchandise is transferred from the zone for consumption
• While in the zone, merchandise is not subject to U.S. duty or excise tax
• Goods may be exported from the zone free of duty and excise tax
• Merchandise may remain in a zone indefinitely, whether or not subject to duty
• The rate of duty and tax on the merchandise admitted to a zone may change as a result of operations conducted within the zone; therefore, the zone user who plans to enter the merchandise for consumption to CBP territory may normally elect to pay either the duty rate applicable on the foreign material placed in the zone or the duty rate applicable on the finished article transferred from the zone whichever is to his advantage
• Merchandise imported under bond may be admitted to a FTZ for the purpose of satisfying a legal requirement of exporting the merchandise.

“We’re thrilled to finally get approval after having submitted our application over 1½ years ago,” said Glenn Januska, airport director. “Expansion under the ASF will not only benefit businesses currently located and operating in Natrona County, but it becomes a more powerful tool in the economic toolbox for Natrona County and the State of Wyoming for business attraction and retention