HARRISBURG, Pa., Jan. 6, 2017 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Dennis Davin today announced the approval of $15 million in tax credits to support 263 early-stage companies through the Keystone Innovation Zone (KIZ) Program.
"It is important that we support Pennsylvania's talent pipeline, from higher education to business ownership, and provide opportunities for entrepreneurial success and the KIZ Program does just that," said Sec. Davin. "It is an important tool that contributes significantly to young companies' ability to transition through the stages of growth."
The Keystone Innovation Zone Program is designed to support and encourage entrepreneurship in and around Pennsylvania's colleges and universities by providing young Pennsylvania companies with vital working capital to meet critical needs, including covering capital expenditures, workforce expansion, operational expenses, and making companies more attractive to venture investment.
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 such as information technology or advanced manufacturing/diversified materials.
For a complete list of approved Keystone Innovation Zone awards or more information about the Keystone Innovation Zone Program, including highlights of past awardees success stories, visit dced.pa.gov.
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SOURCE Pennsylvania Department of Community & Economic Development