Zone procedures would exempt foreign crude oil that is reexported from Customs duty payments. On domestic sales, duties on such oil could be deferred until formal Customs entry is made. Foreign merchandise would also be exempt from state and local ad valorem taxes. The application indicates that the savings from zone procedures would help the SPR to lease under-utilized crude oil storage capacity to foreign governments, thus generating revenues for the General Treasury. In accordance with the Board's regulations, a member of the FTZ Staff has been designated examiner to investigate the application and report to the Board.
Public comment is invited from interested parties.
The closing period for their receipt is August 26, 1996. John J. Da Ponte, Jr., Executive Secretary.