Keystone Innovation Zones (KIZ) and Keystone Opportunity Zones (KOZ) I-99 Keystone Innovation Zone Business Assistance Programs
I-99 Keystone Innovation Zone Business Assistance Programs
Keystone Innovation Zones (KIZs) are designated zones established in communities that host institutions of higher education. These zones are designed to foster innovation and create entrepreneurial opportunities by forming partnerships with organizations available to assist the business community. The intent of the I-99 KIZ is to help create a “knowledge neighborhood” in which Penn State University, economic development groups, businesses, capital sources and community leaders can connect with one another quickly and effectively to provide a network of support and resources.
A KIZ company must be a for-profit business entity which meets all of the following criteria:
- Located within the defined geography of a particular KIZ,
- Has been in operation for less than 8 years and,
- Falls 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.
- Meeting other requirements as specified by the Department of Community and Economic Development (DCED).
Centre County has several areas designated as Keystone Innovation Zones including Penn Eagle Industrial Park, Innovation Park at Penn State, and The Zetachron Incubator. For additional information regarding KIZ, please contact Mary Resides at (814) 235-1666 or go to www.newPA.com.
Keystone Opportunity Zones
Keystone Opportunity Zones (KOZs) are defined-parcel-specific areas with greatly reduced or no tax liability for property owners, residents and businesses for a specified period of time. KOZ have been designated by local communities and approved by the state - they are, in fact, a partnership between each community and region among state and local taxing bodies, school districts, economic development agencies and community-based organizations.
In August 2012 Phases I and II (82.5 acres) of Benner Commerce Park, located between Bellefonte and State College, were designated as a Keystone Opportunity Expansion Zone (KOEZ) by the Commonwealth of Pennsylvania as an expansion of KOZ. The designation provides companies locating in Benner Commerce Park with significant state and local tax benefits. Benefits derived from locating in the Park will be available for a ten-year period from January 1, 2013 through December 31, 2022. To learn more about the credits, waivers and broad-based tax abatements of locating in the KOEZ, click here or contact Mary Resides at (814) 235-1666.
The Moshannon Valley Regional Business Park, located in Philipsburg, has been designated as a Keystone Opportunity Zone, allowing businesses located in the park to be exempt from numerous state and local taxes through December 2017. In addition to the tax benefits, the Moshannon Valley Economic Development Partnership is able to secure state loans for eligible companies at the lowest allowable interest rates. In August 2012 additional acreage was designated as a KOEZ in Philipsburg. For additional information about the KOZ eligibility, please contact Stan LaFuria, Director of the Moshannon Valley Economic Development Partnership, at (814) 342-2260 or go to www.newPA.com.