ECONOMIC IMPACT
Richmond International Airport (RIC), the gateway to Virginia's Capital Region, plays a vital role in the Central Virginia regional economy. According to the Virginia Department of Aviation, the activities of RIC and its tenants are responsible for nearly 16,000 jobs and annual economic activity of nearly $2.1 billion. The airport also plays an important role in attracting economic development and supporting world-class business operations.
Master Plan
The primary purpose of the Master Plan update is to serve as a general guide for the orderly, timely and logical development of Richmond International Airport (RIC) so the facility can serve the aviation and economic development needs of Virginia's Capital Region over the next 20 years. Please see the Master Plan Update Executive Summary and the Airport Layout Plan below.
Foreign Trade Zone (FTZ) #207
Richmond International Airport has been designated a Foreign-Trade Zone (FTZ) #207, where foreign and domestic merchandise is considered to be in international commerce (not in U.S. Commerce territory), meaning that foreign merchandise may be admitted into the foreign-trade zone without payment of Customs duties or government excise taxes.
The Capital Region Airport Commission acting as Grantee for Foreign-Trade Zone #207 has been reorganized and operates under the Alternative Site Framework (ASF) pursuant to US Dept. of Commerce, FTZ Board Order No. 1950 as published in the Federal Register No. 201, on October 17, 2014.
THE BENEFITS OF USING A FTZ
FTZs allow businesses to reduce the costs associated with production, transaction and logistics. While FTZs remain under the direct supervision of U.S. Customs and Border Protection, businesses don’t pay duties on imported goods that are later re-exported. Additionally, businesses can benefit from the delayed payment of duties on goods that enter the U.S. market.
Other benefits:
- Merchandise isn’t subject to state, local or inventory taxes.
- Penalties and fines can be avoided for materials with incorrect origin markings.
- Merchandise can be transferred from one FTZ to another, to a subzone or, for certain activities, temporarily removed from the FTZ.
Frequently Asked Questions
Resources
U.S. International Trade Administration
Foreign-Trade Zones Board FAQs
Foreign-Trade Zones: Supporting U.S. Competitiveness and Jobs (PDF)