$14 million in tax credits approved to support the growth of 197 tech-focused start-ups and entrepreneurs

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Today, Governor Tom Wolf announced the approval of $14 million in Keystone Innovation Zone (KIZ) tax credits for 197 technology start-ups across Pennsylvania.

“Supporting our technology entrepreneurs here at home and fostering their growth is critical,” Governor Wolf said. “These tax credits help ease the burden on start-up businesses. In turn, these companies and entrepreneurs will drive Pennsylvania’s thriving tech sector forward. »

The KIZ program supports and encourages entrepreneurship in and around Pennsylvania colleges and universities. The program provides Pennsylvania start-ups with vital working capital to meet critical needs, including covering capital expenditures, workforce expansion, operational expenses and making businesses more attractive to investors. venture capital investments.

Businesses approved for 2021 tax credits were in the following KIZs:

  • Beaver County KIZ
  • BioLaunch611+ KIZ
  • Bucks County Biotech KIZ
  • Erie County KIZ
  • Fayette/Washington County KIZ
  • Greater Johnstown KIZ
  • Greater Oakland KIZ
  • Great Susquehanna KIZ
  • Huntingdon County ZIC
  • i2n Chester County KIZ
  • i2n Delaware County KIZ
  • I-99 KIZ Innovation Corridor
  • Lackwanna County KIZ
  • Luzerne County KIZ
  • Marine Yard KIZ
  • Lancaster City Northwest KIZ
  • Central Pittsburgh KIZ
  • Pocono Mountains KIZ
  • Southside Bethlehem KIZ
  • University town KIZ
  • Williamsport/Lycoming KIZ
  • York County ZIC

The full list of Keystone Innovation Zone awards approved in 2021 can be found on the Ministry of Community and Economic Development website, as well as on a KIZ map.

The KIZ program offers tax credits to companies that have been in business for less than eight years, have increased gross revenues from the previous year, are located in a key innovation area and operate in an industrial sector. targeted such as information technology or advanced manufacturing/diversified materials. When combined with other tools for entrepreneurs like Governor Wolf’s PA Business One-Stop Shop and Ben Franklin’s Technology Partners, the KIZs are part of a wide range of resources available to emerging small tech companies.

An example of a business that has benefited from the KIZ program is Wazoodle Fabrics, a fabric manufacturer in Bensalem, Bucks County. The KIZ program has enabled the company to develop a special reusable fabric during the pandemic for the manufacture of surgical/isolation gowns for hospitals and nursing homes.

For more information on the Keystone Innovation Zone program or other community and economic development programs and initiatives, visit the DCED website.

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