Southside Bethlehem Keystone Innovation Zone companies receive tax credit awards for nearly $460,000 Created by host on 12/27/2010 9:20:44 AM
BETHLEHEM, Pa. – Dec. 22, 2010 – Lehigh Valley Economic Development Corporation is pleased to announce a total of 12 Southside Bethlehem Keystone Innovation Zone (SBKIZ) companies were awarded nearly $460,000 in tax credits Dec. 16th by the
Pennsylvania Department of Community and Economic Development. The award is significant for the companies and the Lehigh Valley’s economic future.
The Southside Bethlehem KIZ, which has been in operation since mid 2004, has been consistently recognized as one of the top programs in the Commonwealth of Pennsylvania. The Keystone Innovation Zone was established to create designated geographic zones to foster innovation and create entrepreneurial opportunities by aligning the combined resources of educational institutions, private businesses, business support organizations, commercial lending institutions, venture capitalists and foundations.
The KIZ program provides for the awarding of KIZ tax credits to companies located within the designated zone, provided that certain conditions are met. A KIZ company may claim a tax credit equal to 50 percent of the increase in that KIZ company’s gross revenues. A tax credit under this program for a KIZ company cannot exceed $100,000 annually.
“This money contributes to the ability of young SBKIZ companies to transition through the stages of growth,” said SBKIZ program administrator Steve Melnick. “The type of good-paying jobs they will create, and talent they will keep, or eventually bring to the region is extremely important to the future LVEDC envisions for the Lehigh Valley.”
SBKIZ Primary Partners include Ben Franklin Technology Partners of NEPA, Lehigh Valley Economic Development Corporation, Lehigh University, Northampton Community College, Manufacturers Resource Center, Lehigh University Small Business Development Center, Wachovia Bank, St. Luke’s Hospital and Health Network, Lehigh Valley Hospital and Health Network, Good Shepherd Rehabilitation Network, the City of Bethlehem, Lehigh Valley Workforce Investment Board, Northampton County, Northampton County New Jobs Corp and PNC Bank.
For more information, please contact Stephen Althouse at 610.266.3817 or salthouse@lehighvalley.org.
For more information about the Southside Bethlehem Keystone Innovation Zone visit www.southsidebethlehemkiz.org or call 610-266-7535.
