On December 28, 2017, Governor Tom Wolf announced the approval of Keystone Innovation Zone (KIZ) tax credits for 273 early-stage companies throughout the Commonwealth. 15 of those companies are from the I-99 Innovation Corridor KIZ comprised of select locations in Blair, Bedford and Centre counties and were awarded nearly $671,000 in PA transferable tax credits.
“Fostering an environment that allows technology and innovation to flourish in our private sector is one of this administration’s top business priorities,” Governor Wolf said. “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.”
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. The transferable KIZ tax credit significantly benefits these companies by allowing these credits to be sold providing much needed cash back into their businesses.
“The KIZ tax credits are another tool here in Blair County and the I-99 Region to help support the success of our entrepreneurs and start-ups,” said Steve McKnight, Pres/CEO of ABCD Corp. “In addition here in Blair County we have our Entrepreneurial Coach, Rich Lasek, our First Frontier Investors Network for mentorship and angel funding as well as robust team of partners eager to foster growth and innovation right here in the First Frontier.”
For a complete list of current KIZ locations in the I-99 Innovation Corridor click here. To find out more information contact Matt Fox at mattf@blairalliance.org.
