Companies located in Innovation Park can enjoy greatly reduced tax liabilities thanks to the Keystone Innovation Zone.
Keystone Innovation Zones (KIZs) are designated zones established in communities that host institutions of higher education, and they’re designed to encourage innovation and generate entrepreneurial opportunities by forming partnerships with organizations available to assist the business community. The I-99 KIZ is intended to help create an environment in which Penn State University, economic development groups, businesses, capital sources and community leaders can work together, connect with each other easily and provide support and resources to one another.
A KIZ company must meet all of the following criteria:
- Be a for-profit business entity
- Located within the defined geography of a particular KIZ
- Has been in operation for less than 8 years
- Fall within one of the targeted industry segments or sectors which include: An industry specifically identified for entrepreneurial development (e.g. information technology, life sciences, advanced materials, finance/service sectors, advanced manufacturing, agricultural, nanotechnology, etc.) in the KIZ’s application for designation to the Ben Franklin Technology Development Authority
- Meet other requirements as specified by the Department of Community and Economic Development (DCED)
For additional information regarding KIZ, please contact Mary Resides at (814) 235-1666 or go to http://www.newpa.com/.