There’s a new idea for Grand Junction to help keep businesses, and jobs, in Colorado. The City Council is looking into a foreign trade zone. It’s a concept that dates back to the ‘30s, but it would be a first for Grand Junction. To help explain the issue that deals with exports, economies, and duties, KVNF's Jake Ryan talked to Elizabeth Tice, the Management and Legislative Liaison for the city.
The basic idea is that Grand Junction would be able to zone an area that wouldn't have to pay a duty, or international trade tax, on items they'd import. If they used the item to manufacture a car, the duty would then be paid if the car was sold in the US.
However, if the car is sold oversees, no duty would be paid at all. If it doesn't enter the US economy, manufacturers can avoid the import tax altogether.
The goal of this zoning is to attract and keep manufacturers and businesses in Grand Junction.
Right now, the city is looking into hiring a D.C. attorney who specializes in the matter to investigate all the issues involved.