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KIZ / KOZ

Keystone Opportunity Zones (KOZs) are defined, parcel-specific areas with greatly reduced or no tax burden for property owners, residents, and businesses. KOZs have been designated by local communities and approved by the state – representing a true partnership between each community and region among state and local taxing bodies, school districts, economic development agencies and community-based organizations.

Keystone Innovation Zones (KIZs) are designated zones that may be established in communities that host institutions of higher education – colleges, universities, junior colleges, and technical schools. These zones are designed to foster innovation and create entrepreneurial opportunities by gathering and aligning the combined resources of educational institutions, private businesses, business support organizations, commercial lending institutions, venture capital networks (including angel investors), and foundations.

The University City section of Philadelphia - home of the Science Center - has been designated as both a KOZ and KIZ by the Commonwealth of Pennsylvania.

Under this program, start up companies (pre-revenue) that are located in these zones can apply to the state for tax credits that they can sell to other Pennsylvania companies to raise revenues. In addition, schools within KOZ/KIZ zones will receive state grants over the next three years to help them transfer university research technology to companies based in these zones.

Many companies who reside in the Science Center are qualified for this important tax advantage. To learn more, contact Sharon Pritchett or Curt Hess, or visit koz.newpa.com.