The program is designed to offer state and local incentives for businesses to locate within the designated Enterprise Zone areas. Portsmouth was designated as an Enterprise Zone in 1984 and has enjoyed great success in revitalizing the Olde Towne District and developing PortCentre Commerce Park. Continued growth is anticipated during the coming years and plans are under way to expand the zone to other parts of the city. Businesses wishing to qualify for State incentives must meet certain eligibility requirements.
Exact requirements vary for each incentive.
FTZ's are considered to be in international commerce, outside of U.S. Customs territory. Foreign or domestic merchandise can enter a zone without the payment of U.S. Customs duty. Duty is paid when merchandise enters U.S. Commerce. No duty is paid on items that are exported. There is also no duty on waste or damage.