A Federal Trade Zone at Huntsman:
DiCarlo Plans on Building West Deptford’s Future on its Past
Increasing and improving West Deptford’s industrial ratables is critical to ensuring the future of West Deptford. Since the closing of the Huntsman facility in 1999, West Deptford has faced the same challenges as the rest of New Jersey and the United States, a loss of good paying jobs to other countries and regions. Since the 1950s West Deptford’s industrial ratables covered 50% of the cost to run West Deptford’s town services and schools, but this advantage has eroded over the last decade. Denice DiCarlo knows that just cutting the budget isn’t the way to a better economic future for West Deptford families.
Committeewoman DiCarlo has a plan to help jump start West Deptford’s local economy and restore ratables through the establishment of a Federal Trade Zone at the old Huntsman facility.
A Federal Trade Zone would generate not only ratables for the town, but high paying jobs for our residents and new customers for our local businesses. A Federal Trade Zone takes advantage of opportunities that will flow from the Port of Paulsboro, our location across from the Port of Philadelphia, our easy access to the Philadelphia airport and can serve as an anchor for new businesses looking to relocate and rehab West Deptford’s industrial and commercial corridors. Federal trade zones already exist in many locations throughout New Jersey and have proven to be a valuable economic development tool .
An opportunity to create new import and export businesses and a role in anchoring New Jersey’s clean energy industry awaits West Deptford if we’re willing to embrace the opportunity. In a Federal Trade Zone, some custom duties and federal excise taxes on imports are deferred, while foreign and domestic exported goods are often exempt from certain state taxes. Companies located within a FTZ benefit from streamlined custom procedures, lowering their logistical costs. Federal Trade Zones provide powerful competitive advantages that are attractive to companies with international customers and suppliers.