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offshoring

Offshoring is the practice of locating some of a company’s manufacturing, services, or other processes in a country other than the country where the company is based. Offshoring is typically done to access lower-cost labor resources, labor resources with specific skills, and infrastructure, such as manufacturing plants.

In New York, as in other states, offshoring is not directly regulated by state statutes but is influenced by federal laws and international trade agreements. Companies in New York may choose to offshore parts of their operations for various reasons, including cost savings and access to specialized labor. However, they must comply with federal regulations such as the Tax Cuts and Jobs Act of 2017, which has provisions affecting the taxation of overseas income and the repatriation of profits to the United States. Additionally, the United States-Mexico-Canada Agreement (USMCA) and other trade agreements can impact offshoring decisions by setting terms for tariffs, labor standards, and intellectual property protections. New York-based companies must also adhere to any relevant federal export controls and sanctions when engaging in offshoring. While offshoring can offer economic benefits to companies, it has also been a topic of political debate due to concerns about job losses and its impact on the domestic workforce.

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offshoring

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offshoring

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