| State: |
PA |
| Incentive Type: |
Special Purpose Zone Incentives and Credits |
| Incentive Title: |
Enterprise Zone Credits |
| Description: |
1. KEYSTONE OPPORTUNITY ZONES: Income tax credits, insurance premiums tax credits, net profits tax exemptions, sales and use tax exemptions and reimbursements and property tax reimbursements for locating or expanding in one of 12 designated zones. Both residential and business property owners are eligible for the tax credit.
2. ENTERPRISE ZONE TAX CREDIT: An economic development tool that offers tax credits to businesses investing in or making improvements to properties within designated zones. Any business or industry is eligible for tax credit up to 20% on all eligible investments. Credit may carry forward for 5 years.
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| Eligibility Requirements: |
1. Must be located in one of 12 designated zones throughout the state. LERTA's and TIF's are not eligible. A business or residence must maintain compliance with all state and local regulations.
2. Any business in a designated zone that is subject to the following PA corporate taxes: 1. Corporate Net Income; 2. Bank and Trust Company Shares; 3. Mutual Thrift Institutions; 4. Gross Premiums; 5. Title Insurance Shares; 6. Capital Stock; and 7. Foreign Franchise. May receive up to $250,000 in tax credits per projects. |
| Geographic Restrictions: |
Must be located in designated zone |
| Granting Authority: |
Dept. of Economic & Community Development |
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