HARRISBURG, Pa., Feb. 17, 2016 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary Dennis Davin today announced the approval of nearly $18 million in tax credits to support 239 early-stage companies through the Keystone Innovation Zone Tax Credit (KIZ) program.
"The KIZ program is an important tool that substantially contributes to the ability of young companies to transition through the stages of growth," said Sec. Davin. "We need to nurture the talent pipeline that exists in Pennsylvania from higher education to business ownership by providing as many opportunities as possible to support their efforts."
The Keystone Innovation Zone Tax Credit program is designed to support and encourage entrepreneurship in and around Pennsylvania's colleges and universities by providing young Pennsylvania companies with a substantial amount of working capital to meet its 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. With a total pool of up to $25 million in tax credits available to KIZ companies annually, applications must be submitted on or before September 15 each year.
Lyndsay Kensinger, 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development