Gov. Tom Wolf recently approved Keystone Innovation Zone (KIZ) tax credits for 255 early-stage technology companies to encourage entrepreneurship in and around Pennsylvania’s colleges and universities.
“Every day, Pennsylvania’s tech sector is growing stronger,” Wolf said. “Our role at the state level is to help foster that growth. By supporting our tech entrepreneurs, we’re creating jobs, enabling business growth, and making Pennsylvania a national and global leader in innovation.”
To qualify for the KIZ program, companies must have been operating for less than eight years, have gross revenues that increased over the previous year, be located in a Keystone Innovation Zone, and be operating within a targeted industry sector such as information technology or advanced manufacturing and diversified materials.
One company that has benefited from the KIZ program is Soltech Solutions, which produces the world’s first LED grow light made for interior design. With the help of the KIZ program, the company’s founders were able to purchase equipment, speed up their operations and form strong partnerships with local colleges and universities.
In total, Keystone Innovation Zone companies have received just under $15 million in tax credits.
Pennsylvania also has other tools, including PA Business One-Stop Shop and the Ben Franklin Technology Partners, available for small and emerging technology companies.