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<br />HoustonChronicle.com - La Porte approached about free trade pact <br /> <br />Page 1 of2 <br /> <br />II 21st Century Insurance <br />Good people to call Ov <br /> <br />Save $300 on Auto Insurance <br />Start by entering.., <br /> <br />Your ZIP <br /> <br />Car Make <br /> <br />Car Model <br /> <br />Car Year <br /> <br />- <br />~k;k Here <br /> <br />HoustonChronicle.com -- http://www.HoustonChronicle.comISection: PasadenalBaytown news <br /> <br />May 23, 2006, 6:04PM <br /> <br />La Porte approached about foreign trade pact <br /> <br />Webster firm says city, schools crucial to plan <br /> <br />By JOHN HANDY <br />Chronicle Correspondent <br /> <br />A representative ofIMS Worldwide Inc. Monday night requested La Porte City Council consider <br />creating a Foreign Trade Zone at two separate sites. <br /> <br />Trey W. Boring, consultant and senior vice <br />president of the Webster-base company told council <br />the projects have the possibility of creating 3,000 <br />jobs. <br /> <br />Boring said one site is at the Underwood Industrial <br />Park and Texas 225 and the other is located at the <br />Port Crossing area off Texas 146. <br /> <br />An foreign trade zone is an area inside the United <br />States that is designated as being outside customs <br />territory, where items brought into the zone are duty <br />free. <br /> <br />ADVE RTISEME NT <br /> <br />I GRADUATED IN <br />~~~~.~~E0.~~ <br />..!:J.~~~~~~~~ <br />~~~~~~~~~ <br />~~~~~~~~.~ <br />~~~~~.~.~~~ <br />~~.~.~~~ <br /> <br />I!!I) classmates.com' <br /> <br />When the items brought into the zone leave the <br />designated area, a duty is paid to the government. <br />The taxing entities can access inventory tax on all business, which is done currently. <br /> <br />A trade zone can be exempted from a portion of the inventory tax by an agreement with a taxing entity <br />on imported merchandise or domestic bound products for export. <br /> <br />Boring's presentation covered a variety of issues, but his main points included tax issues and tax <br />waIvers. <br /> <br />After the meeting, Boring said he felt the City Council was responsive and would be "fair and equitable" <br />in their judgment whether to grant a foreign trade zone to his company. <br /> <br />http://www.chron.com!cs/CD Nprintstory .mpllnb/pasadenalnews/3 881300 <br /> <br />5/25/2006 <br />