The Harrisburg Regional Chamber and Capital Region Economic Development Corporation (CREDC), in partnership with the Pennsylvania Department of Community and Economic Development (DCED), announced Wednesday that four companies received Keystone Innovation Zone (KIZ) tax credits in the 2019 application period.
CREDC coordinates the Harrisburg Market KIZ and facilitates eligible companies’ access to the program.
Four companies in Cumberland and Dauphin counties received a total of $307,835. Crimewatch Technologies, LLC of Cumberland County, was awarded $56,365; Return Logic, Inc. of Cumberland County was awarded $51,470; Inbound Marketing, Inc. of Dauphin County was awarded $100,000; and SMB Computer Solutions of Dauphin County was awarded $100,000.
A company must be located within the boundaries of a DCED-approved KIZ; have been in operation for less than eight years; and operate within specific industries, such as advanced manufacturing, biotechnology, and other technology-focused areas with newly developed intellectual property to be eligible for KIZ tax credits.
Businesses can use KIZ tax credits to offset certain state tax liabilities or sell them for cash through exchanges to help fund development and operations.
“KIZ tax credits can help foster young technology companies and transition them as their businesses grow,” David Black, president and CEO of the Chamber and CREDC, said. “These tax credits reward entrepreneurial thinking and help foster the growth and advancement of important technology industries in Central Pennsylvania.”