Tape Manufacturer Faces Opposition To Foreign Trade Zone ProposalThere's opposition to a request by North American Tapes to be allowed in a foreign trade zone. That designation that would save the company thousands of dollars in taxes and, officials say, allow it to be more competitive. Last November, the company, located in the Jefferson County industrial park, said it would save $13,000 a month if it were allowed benefits that come along with being in a foreign trade zone. Since then, according to Congressman Bill Owens' office, different organizations like the American Manufacturing Trade Action Coalition, the National Council of Textile Organizations, the National Textile Association and the American Fiber Manufacturers Association have come out against the proposal. Those groups say if North American Tapes gets placed into the foreign trade zone, other manufacturers would be at a disadvantage. Owens disagrees, saying the hockey tape manufacturer is at a disadvantage right now because its Canadian competitors can purchase their raw materials tax-free. If the company were in a foreign trade zone, it would no longer be required to pay duty on the cloth it uses to make its product Owens says that if the designation is approved, the company would be able to double the size of its plant and increase the number of employees from 20 to 30. |
Sunday, May 19, 2013
, Watertown, NY
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