Foreign and domestic goods may enter a zone to be stored, distributed, manufactured, assembled, or exhibited. One of the most well-known and successful Foreign Trade Zones in the state is the Port of Indiana, in nearby Burns Harbor. For more information on the Port of Indiana, click here . Duty is deferred on imported goods admitted to the zone, and no U.S. duty is assessed when exporting goods from the zone, which improves business cash flow. Processing goods within the zone can eliminate or lower tariffs.
Inventory stored in a Foreign Trade Zone is exempt from local property tax.
Savings may be achieved in transport insurance. These benefits include new manufacturing equipment tax abatement, property tax abatement, and reductions in adjusted gross income tax. Reductions are based upon a sliding percentage scale over a 10-year timeframe. Designation of a Maritime Opportunity District is by the Indiana Port Commission and according to a defined set of requirements. Interstate Inventory Tax Exemption Indiana already boasts a very modest inventory tax, but the Interstate Inventory Tax Exemption provides an extra deduction for businesses.