Keystone Opportunity Zones were created in 1999 by the Commonwealth of Pennsylvania to cultivate community and economic development. That mission has been accomplished by serving as a platform to encourage business attraction and retention, promote reinvestment in housing, improve educational opportunities, implement crime prevention strategies and improve the overall quality of life in these areas. Over the last 13 years, the program has spurred the creation of more than 34,000 jobs and about $10.7 billion in business development.
LVEDC administers the program on behalf of the Pennsylvania Department of Community and Economic Development.
Businesses looking to relocate from outside of Pennsylvania to a KOZ need to own or lease property within the zone for at least half the tax year to claim an exemption from state and local taxes.
Businesses looking to relocate from out of state into a KOZ simply need to own or lease property within the zone for at least half the tax year to claim an exemption from state and local taxes.
Businesses already in Pennsylvania can also move into a KOZ and be exempt from taxes, provided they either increase full-time employment by at least 20 percent in their first full year in the zone or make a capital investment equal to 10 percent of their previous years gross revenues.
The Greater Lehigh Valley and Pocono regions KOZ contains land within Lehigh, Northampton and Monroe counties. This zone contains a technology-ready corridor in downtown Allentown.
To learn more about how Lehigh Valley KOZ’s can help your company thrive contact
LVEDC at 610-266-6775.
Businesses that locate within a KOZ enjoy the waiver, abatement or exemption of certain state and local taxes.
Depending on the situation, the tax burden may be reduced to zero through exemptions, deductions, abatements and credits for the following:
|SBA 504||5.07% (20 years)||7/3/14|