Nowadays, Governor Tom Wolf introduced the acceptance of $14 million in Keystone Innovation Zone (KIZ) tax credits for 197 early-stage technological innovation firms across Pennsylvania.
“It’s critical to help our tech entrepreneurs here at household and foster their advancement,” Gov. Wolf explained. “These tax credits assist lower the burden on providers as they are just starting out. In transform, these organizations and entrepreneurs will press Pennsylvania’s flourishing tech sector forward.”
The KIZ program supports and encourages entrepreneurship in and around Pennsylvania’s colleges and universities. The program gives younger Pennsylvania corporations with vital performing money to satisfy vital requirements, including masking capital expenses, workforce growth, operational expenditures, and producing companies additional eye-catching to undertaking financial commitment.
Providers accredited for 2021 tax credits ended up in the adhering to KIZs:
- Beaver County KIZ
- BioLaunch611+ KIZ
- Bucks County Biotech KIZ
- Erie County KIZ
- Fayette/Washington County KIZ
- Greater Johnstown KIZ
- Greater Oakland KIZ
- Better Susquehanna KIZ
- Huntingdon County KIZ
- i2n Chester County KIZ
- i2n Delaware County KIZ
- I-99 Innovation Corridor KIZ
- Lackawanna County KIZ
- Luzerne County KIZ
- Navy Yard KIZ
- Northwest Lancaster City KIZ
- Pittsburgh Central KIZ
- Pocono Mountains KIZ
- Southside Bethlehem KIZ
- College Metropolis KIZ
- Williamsport/Lycoming KIZ
- York County KIZ
The comprehensive checklist of 2021 approved Keystone Innovation Zone awards is accessible on the Office of Neighborhood and Economic Development’s web-site as properly as a map of the KIZs.
The KIZ application gives tax credits for corporations that have been in operation for fewer than eight several years, whose gross revenues have elevated over the past year, are found in a Keystone Innovation Zone, and are working within a specific sector sector these types of as data technology or advanced manufacturing/diversified resources. When put together with other applications for business people like Governor Wolf’s PA Enterprise 1-End Store and the Ben Franklin Technologies Partners, KIZs are just one component of a broad spectrum of assets readily available for modest and rising know-how providers.
An example of a enterprise that has benefitted from the KIZ program is Wazoodle Fabrics, a material maker in Bensalem, Bucks County. The KIZ system enabled the organization to establish a exclusive reusable material all through the pandemic for earning surgical/isolation gowns for hospitals and nursing households.
For extra details about the Keystone Innovation Zone Application or other local community and economic enhancement applications and initiatives, visit DCED’s website.
