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Central Pa., Lehigh Valley businesses get KIZ tax credits
Paula Wolf//May 13, 2022
Gov. Tom Wolf announced Thursday the approval of $14 million in 2021 Keystone Innovation Zone tax credits for 197 early-stage technology companies, including 10 in central Pennsylvania and the Lehigh Valley.
In the Northwest Lancaster City KIZ, tax credits went to Triode Media Group Ltd., $100,000; Creative Coding Group Inc., $9,074; and VIZpin Inc., $95,826, while ReturnLogic Inc. in the York County KIZ got $100,000 in tax credits.
In Southside Bethlehem KIZ, Soltech Solutions LLC, $100,000 and $50,326; Almas Foods International, $88,569; Paro AI Inc., $100,000; UBMe Inc., $2,824; Seven Sirens Brewing Co., $100,000; and Optamo LLC, $14,895, received tax credits.
The Keystone Innovation Zone program provides tax credits for companies that have been operating for less than eight years, have increased gross revenue over the previous year, are located in a KIZ, and are within a targeted industry sector such as information technology or advanced manufacturing/diversified materials, a release explained.
The program provides young companies with working capital to meet critical needs, whether that’s capital expenditures, workforce expansion, operational expenses or making these businesses more attractive to investors.
