$14 Million in Tax Credits Approved to Support Growth of 197 Early-Stage, Technology-Oriented Businesses and Entrepreneurs

Today, Governor Tom Wolf announced the approval of $14 million in Keystone Innovation Zone (KIZ) tax credits for 197 early-stage technology companies across Pennsylvania.

“It’s vital to support our tech entrepreneurs here at home and foster their growth,” Gov. Wolf said. “These tax credits help reduce the burden on companies as they are just starting out. In turn, these businesses and entrepreneurs will push Pennsylvania’s thriving tech sector forward.”

The KIZ program supports and encourages entrepreneurship in and around Pennsylvania’s colleges and universities. The program provides young Pennsylvania companies with vital working capital to meet critical needs, including covering capital expenditures, workforce expansion, operational expenses, and making companies more attractive to venture investment. 

Companies approved for 2021 tax credits were in the following KIZs:

  • Beaver County KIZ
  • BioLaunch611+ KIZ
  • Bucks County Biotech KIZ
  • Erie County KIZ
  • Fayette/Washington County KIZ
  • Greater Johnstown KIZ
  • Greater Oakland KIZ
  • Greater Susquehanna KIZ
  • Huntingdon County KIZ
  • i2n Chester County KIZ
  • i2n Delaware County KIZ
  • I-99 Innovation Corridor KIZ
  • Lackawanna County KIZ
  • Luzerne County KIZ
  • Navy Yard KIZ
  • Northwest Lancaster City KIZ
  • Pittsburgh Central KIZ
  • Pocono Mountains KIZ
  • Southside Bethlehem KIZ
  • University City KIZ
  • Williamsport/Lycoming KIZ
  • York County KIZ

The complete list of 2021 approved Keystone Innovation Zone awards is available on the Department of Community and Economic Development’s website as well as a map of the KIZs.

The KIZ program provides tax credits for companies that have been in operation for less than eight years, whose gross revenues have increased over the previous year, are located in a Keystone Innovation Zone, and are operating within a targeted industry sector such as information technology or advanced manufacturing/diversified materials. When combined with other tools for entrepreneurs like Governor Wolf’s PA Business One-Stop Shop and the Ben Franklin Technology Partners, KIZs are one component of a broad spectrum of resources available for small and emerging technology companies. 

An example of a company that has benefitted from the KIZ program is Wazoodle Fabrics, a fabric maker in Bensalem, Bucks County. The KIZ program enabled the company to develop a special reusable fabric during the pandemic for making surgical/isolation gowns for hospitals and nursing homes.

For more information about the Keystone Innovation Zone Program or other community and economic development programs and initiatives, visit DCED’s website.

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