Early-Stage, Technology-Oriented Businesses and Entrepreneurs Benefit from Tax Credits Through Keystone Innovation Zone Program
Keystone Innovation Zone (KIZ) tax credits for 273 early-stage companies totaling $15 million were announced by Governor Tom Wolf on Dec. 28, 2017. Included are 11 companies located within the Greater Susquehanna Keystone Innovation Zone, which includes portions of Bloomsburg, Danville, Lewisburg, Sunbury, and Selinsgrove.
The Keystone Innovation Zone Program is designed to support and encourage entrepreneurship in and around Pennsylvania’s colleges and universities by providing young Pennsylvania companies with vital working capital to meet critical needs, including covering capital expenditures, workforce expansion, operational expenses, and making companies more attractive to venture investment.
Run out of the PA Department of Community & Economic Development, the program provides tax credits for companies that have been in operation for less than eight years, whose gross revenues have increased over the previous year, are located in a Keystone Innovation Zone, and are operating within a targeted industry sector such as information technology or advanced manufacturing/diversified materials.
“By providing these tax credits, we’re helping to reduce the burden placed on companies as they go through the early stages of growth, thereby helping new ideas take root while pushing both our economy and the thriving tech sector forward,” said Governor Wolf.
For more information about the KIZ program, contact the Rural Business Innovation office in Bloomsburg at 570-245-0096.