$14 Million in Tax Credits Permitted to Assist Expansion of 197 Early-Stage, Technological know-how-Oriented Enterprises and Business people

Now, Governor Tom Wolf declared the approval of $14 million in Keystone Innovation Zone (KIZ) tax credits for 197 early-stage technological innovation firms across Pennsylvania.

“It’s critical to assist our tech entrepreneurs listed here at dwelling and foster their expansion,” Gov. Wolf claimed. “These tax credits aid lower the load on providers as they are just starting up out. In switch, these corporations and business owners will press Pennsylvania’s thriving tech sector forward.”

The KIZ application supports and encourages entrepreneurship in and all over Pennsylvania’s schools and universities. The system supplies young Pennsylvania organizations with vital operating money to satisfy crucial demands, such as masking funds expenditures, workforce enlargement, operational bills, and creating companies far more desirable to enterprise expenditure. 

Organizations accepted for 2021 tax credits were in the following KIZs:

  • Beaver County KIZ
  • BioLaunch611+ KIZ
  • Bucks County Biotech KIZ
  • Erie County KIZ
  • Fayette/Washington County KIZ
  • Better Johnstown KIZ
  • Greater Oakland KIZ
  • Larger 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 Lawn KIZ
  • Northwest Lancaster Town KIZ
  • Pittsburgh Central KIZ
  • Pocono Mountains KIZ
  • Southside Bethlehem KIZ
  • College City KIZ
  • Williamsport/Lycoming KIZ
  • York County KIZ

The comprehensive record of 2021 approved Keystone Innovation Zone awards is obtainable on the Division of Neighborhood and Financial Development’s internet site as effectively as a map of the KIZs.

The KIZ system presents tax credits for corporations that have been in procedure for a lot less than 8 a long time, whose gross revenues have increased in excess of the prior 12 months, are situated in a Keystone Innovation Zone, and are functioning inside of a qualified market sector such as facts technological innovation or advanced manufacturing/diversified components. When combined with other resources for entrepreneurs like Governor Wolf’s PA Company One-Cease Shop and the Ben Franklin Know-how Partners, KIZs are one particular element of a broad spectrum of sources readily available for tiny and rising technologies firms. 

An illustration of a business that has benefitted from the KIZ application is Wazoodle Fabrics, a material maker in Bensalem, Bucks County. The KIZ plan enabled the firm to establish a unique reusable fabric throughout the pandemic for producing surgical/isolation robes for hospitals and nursing homes.

For additional data about the Keystone Innovation Zone Application or other group and financial improvement programs and initiatives, visit DCED’s internet site.