Author Meghan Flanagan is our 2015 Spring Intern Focused on Business and Economic Development READ HER PROFILE STORY HERE
A Keystone Innovation Zone is a designated area, noted for its proximity to higher educational institutions, which creates an environment that connects these colleges and universities to private businesses, business support organizations, commercial lending institutions, venture capital networks that include angel investors, and foundations. This collaboration promotes economic and entrepreneurial growth for individual companies as well as for the area entire.
Businesses that are located within a designated KIZ zone, have been in operation for less than 8 years, and fall within one of the targeted industry sectors, are able to apply for KIZ tax accreditation as part of the Commonwealth of Pennsylvania’s economic stimulus package.
A company that meets these three requirements can claim a transferable tax credit that is equal to 50% of its gross revenue increase from the first year of accreditation to the second.
There is a total of $25 million tax credits available to KIZ companies annually, which can be used by start-up companies to grow in size and scope.
The designated KIZ zones for Luzerne County include:
Downtown Wilkes-Barre from River St. to Ross St. to Wilkes-Barre Blvd and North St., Hanover Crossings, The Twin Stacks on Route 309 in Dallas, CAN BE Innovation Center, CAN DO Corporate Center Park/Green Building, CAN DO Harwood Innovation Site, Downtown Hazleton starting at Broad Street from Poplar Street to Diamond Ave., and the Dorr-Oliver Property on 101 Carleton Avenue in Hazleton.
The designated KIZ zones for Lackawanna County include Downtown Scranton from Lackawanna Ave to Miflin Ave. to Vine Street to Adams Ave, Carbondale Technology Transfer Center, and The Scott Technology Park.
In addition to physical location, eligible businesses must operate within targeted businesses sectors. For both Luzerne and Lackawanna County, these include Healthcare/Life sciences; Nanotechnology, Advanced Manufacturing, and Plastics; Information Technology and New Media; Back Office and Finance; and Homeland Security.
For more information contact the VP of Economic Development, Joseph Boylan at the Greater Wilkes-Barre Chamber of Commerce at 570-823-2101 x132.