Four Lancaster City businesses have received more than $220,000 in 2022 Keystone Innovation Zone (KIZ) tax credits, Lancaster City Alliance announced Tuesday.
Lancaster City Alliance is the state-designated coordinating agency for the KIZ tax credit program in Lancaster.
The aim of the program is to help drive business innovation and growth by encouraging and cultivating entrepreneurs in important industry sectors. The sectors include high technology, life sciences, business services, and advanced materials/diversified manufacturing.
Awardees include the following businesses:
“We are pleased for the opportunity to serve as coordinators for the Lancaster City KIZ in support of the City’s vibrant entrepreneurs,” Lancaster City Alliance President Marshall W. Snively said in a statement. “Each time we support a small business owner in the city, we are promoting job growth, investing money back into our community, and improving the quality of life in our neighborhoods.”
The KIZ Program is an incentive program providing tax credits to qualified small businesses in existence for less than eight years. It is administered by the Pennsylvania Department of Community and Economic Development.
Lancaster is one of 29 KIZ regions in Pennsylvania.
“We appreciate the support of the Pennsylvania Department of Community and Economic Development in providing this program to foster innovation and growth,” said Paul Bodell, president and CEO of VIZpin Inc. “As a manufacturer of smartphone access control and visitor management solutions, this credit has made it possible for VIZpin to bring on new staff in sales, customer service, and product development, increasing leads over tenfold and facilitating the launch of a new product.”
Lancaster City Alliance also manages the Building On Strength Economic Development Strategic Plan for the City. To encourage investment, Lancaster City Alliance has worked to align the City’s KIZ locations with the areas identified in the Building On Strength Plan.
“The Lancaster City Alliance team is here to support our business community with a variety of programs that make it as easy as possible to do business and grow and thrive here in the city,” said Jeremy Young, Lancaster City Alliance Director of Community and Economic Development, and Lancaster City KIZ Coordinator.
“What’s more, programs like the KIZ specifically encourage the growth of businesses in the types of industries that create thriving-wage jobs, now more important than ever in today’s economic climate.”
Businesses interested in viewing a map of the Lancaster City KIZ and learning how to qualify for the tax credit program can visit lancastercityalliance.org.