The Pennsylvania Department of Community and Economic Development recently approved $14 million in Keystone Innovation Zone (KIZ) 2021 tax credits for 197 early-stage technology companies statewide.
The KIZ program provides startup companies with capital covering operational expenses, workforce expansion, and capital expenditures, and making companies more attractive to venture investment.
Tax credits are approved for companies located in a Keystone Innovation Zone that have been in operation for less than eight years. They also must have gross revenues that increased over the previous year and operate within a targeted industry sector.
“It’s vital to support our tech entrepreneurs here at home and foster their growth,” Gov. Tom Wolf said. “These tax credits help reduce the burden on companies as they are just starting out. In turn, these businesses and entrepreneurs will push Pennsylvania’s thriving tech sector forward.”
The list of approved companies is available on the agency’s website. They include Beaver County KIZ, Bucks County Biotech KIZ, Erie County KIZ, Fayette/Washington County KIZ, Greater Johnstown KIZ, Greater Oakland KIZ, Greater Susquehanna KIZ, Huntingdon County KIZ, Lackawanna County KIZ, Luzerne County KIZ, Northwest Lancaster City KIZ, and Pittsburgh Central KIZ.
The KIZ program is one of several resources available for small and emerging technology companies.