Recent News

KOZ

« Back to Financing and Incentives

• Keystone Opportunity Zones (KOZ),
• Keystone Opportunity Expansion Zones (KOEZ)
• Keystone Opportunity Improvement Zones (KOIZ):

The Keystone Opportunity Zone (KOZ) Programs are one of the nations boldest, most forward thinking economic and community development program. This unique program develops a community’s abandoned, unused, underutilized land and buildings into business districts and residential areas that present a well-rounded and well-balanced approach to community revitalization. The Keystone Opportunity Zones provides for an exemption of specific state and local taxes from now until December 31, 2013, and to December 31, 2018 for business and property owners in a KOIZ.

Businesses or residents located or conducting activity within a KOZ designated property are eligible for certain state and local tax abatements and exemptions to qualified businesses, residents and property owners. Through credits, waivers and broad-based abatements, total taxes on economic activity in Keystone Opportunity Zones are reduced to almost zero.

Taxes waived include:

State

Corporate Net Income tax, Capitol Stock and Foreign Franchise tax, Personal Income tax, Sales and Use tax (purchases consumed and used by business in the Zone), Mutual Thrift Institution tax, Bank and Trust Company Shares tax, Insurance Premiums tax

Local

All Property taxes, Earned Income/Net Profits tax, Business Gross Receipts, Business Occupancy, Business Privilege and, Mercantile tax, Sales and Use tax (county/city; purchases used and consumed by business in the Keystone Opportunity Zone)

Contact

Featured Links