Pennsylvania Governor Corbett Tax Credit Awards to Early Stage Companies Supports Job Growth; Innovation
HARRISBURG, Pa., Jan. 16, 2014 /PRNewswire-USNewswire/ -- To strengthen Pennsylvania as a national leader for technology development, Governor Corbett announced today the award of more than $15 million in tax credits to more than 200 Pennsylvania start-up companies to support new growth, investment and job creation.
"Pennsylvania is home to the most dynamic start-up companies and brightest entrepreneurs in the world and I am committed to ensuring they have resources to grow here," said Corbett. "A vision turns into a company, and with the right tools, that company turns into an employer that commercializes new technology and creates good-paying jobs for Pennsylvanians."
The Department of Community and Economic Development has approved $15,091,543 through the Keystone Innovation Zone Tax Credit program for 202 companies located within one of the state's 28 Keystone Innovation Zones (KIZ). The total number of companies participating and tax credits awarded are the highest totals in the programs history.
"We are creating an economic climate in Pennsylvania where startup companies can grow and our young people can flourish," Corbett said. "This innovative tax credit helps build strong relationships between businesses and universities to make sure our graduates have a place to work right here at home."
1SEO.com, located in the Bucks County KIZ,received a $100,000 tax credit from the KIZ Tax Credit program. 1SEO.com is a leading IT and website development company offering an assortment of full featured services ranging from search engine optimization to website design and website development; Internet marketing, and multimedia services such as graphic design.
"Over the past year, Governor Corbett's partnership and the KIZ tax credit has truly been able to help 1SEO.com grow," said Jolin Bachmann, President of 1SEO.com. "In fact, the money we received helped us to invest back into our company so that we have been able to gain new employees as well as expand our advertising initiative."
A complete list of the companies that received the Tax Credit is available at 2013 KIZ-Tax-Credit-Awards.
Tax credits provide for the award of up to $25 million annually. To be eligible, companies must be: a for-profit company that operates within the boundaries of a Ben Franklin Technology Development Authority-approved KIZ; less than eight-years-old; and operate within one or more of the target industry sectors including, life-sciences, information technology, advanced manufacturing, business services, defense, energy, agriculture and food processing.
The KIZ Tax Credit program provides those KIZ companies who do not have a Pennsylvania tax liability for the year in which they qualify for the tax credit, the company can sell the credit themselves or secure a third-party, independent broker to sell the tax credit on its behalf. The KIZ Tax Credit program is a great way for companies to support their cash flow needs, giving them the opportunity to hire new staff, expand their market and purchase equipment.
For more information, visit www.newPA.com or call 1-866-466-3972.
Valerie Caras, Governor's Office; 717-783-1116
Steve Kratz, DCED; 717-783-1132
SOURCE Pennsylvania Office of the Governor