Saco has the only Federal and State Opportunity Zone in York County, a great benefit for businesses seeking new locations. The Opportunity Zone extends from just outside the downtown area along US Route 1 to the Saco-Scarborough city-town line:
Helpful information and links from the IRS about Opportunity Zones:
- Opportunity Zones: Frequently Asked Questions: The information becomes more detailed about half way through the list.
- Federal Tax Forms: You will also see on the linked webpage above, a draft form and information about filing Form 8996, for Qualified Opportunity Fund.
Federal Foreign Trade Zone
Saco has recently been designated a Federal Foreign Trade Zone.
Gaining access to Foreign Trade Zone (FTZ) status is now faster and easier for York County businesses, under FTZ#263’s Alternate Site Framework (ASF). The FTZ program helps American companies improve their competitive position versus their counterparts abroad. The FTZ program allows US-based companies to defer, reduce or even eliminate Customs duties on products admitted to the Zone. Domestic goods involving foreign items can be processed in a zone to eliminate or reduce duties; duty-free treatment is accorded items that are re-exported and duty payment is deferred on items sold in the US market. The ASF allows businesses in York County that are engaged in importing, exporting, assembly, warehousing and distribution to apply for expedited approval through the FTZ #263’s program. The expedited approval means significantly less paperwork for a business’s FTZ application process, and only a 30-day wait to receive approval from the Federal Foreign Trade Zone Board.
York County businesses can get more information on gaining quicker, easier access to Foreign Trade Zone benefits under FTZ #263’s Alternate Site Framework, by contacting Zone Administrator Scott Benson of the Lewiston-Auburn Economic Growth Council at 207-783-2249, or FTZ #263 Consultant Michael Doyon of Downeast Global Logistics, LLC at 207-331-4845.