April 24, 2024 10:35 pm
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Nikola, Lucid seek foreign trade zone status to save millions of dollars

Lucid Motors / Twitter

By Hayley Ringle | Phoenix Business Journal

Nikola Motor Co. and Lucid Motors Inc. are working through applications to receive foreign trade zone status for their planned vehicle manufacturing facilities in Pinal County.

The status potentially could save the companies millions of dollars in various tax and customs benefits.

Both startups are going through the lengthy application process to receive the tax benefits, said Denise Yanez, the Foreign Trade Zone 75 administrator for the city of Phoenix. FTZ 75’s service territory includes most of Maricopa County, except Mesa, and portions of Pinal and Yavapai counties, leaving Phoenix the authority on recommending approval for applications.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.