By Mike Sunnucks | Rose Law Group Reporter
The city of Phoenix will apply for a Foreign Trade Zone for the new $12 billion Taiwan Semiconductor Manufacturing Company (TSMC) plant being developed at the Loop 303 and 43rd Avenue.
The Phoenix City Council approved a measure at its meeting on Wednesday, Dec. 16, allowing city managers to apply with the U.S. Department of Commerce for the trade zone status.
Foreign Trade Zones offer companies customs and tax benefits. In Arizona, FTZs allow companies within them to pay a 5% property tax rate rather than the traditional 15% rate paid by businesses.
The proposed TSMC trade zone sits on 1,128 acres. The first phase of the semiconductor development is expected to total 3.8 million square feet.
The economic development project is expected to create 1,900 jobs and is an impactful addition to the region’s technology and semiconductor sectors.
