Two Zones that offer incentives are KIZ and KOZ’s. Please see below for the basic definitions of these two zones. There are numerous economic development groups that can assist in submitting a proposal to the state along with NAI who can assist in locating property within one of these zones.
What are Keystone Innovation Zones?
Keystone Innovation Zones (KIZs) are designated zones that may be established in communities that host institutions of higher education – colleges, universities, and associate degree technical schools. These zones are designed to foster innovation and create entrepreneurial opportunities. They do this 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 (KIZ partners) In other words, where a partnership of these organizations is formed, a KIZ is possible.
What are the basic benefits of operating KOZ?
Businesses making purchases of items subject to Sales and Use Tax – other than motor vehicles and certain real property – will be exempt from state and local Sales and Use Tax on specific materials utilized in a zone or expansion zone. Businesses will also enjoy tax reductions, exemptions, abatements, or credits in corporate taxes, franchise taxes, financial institution taxes, income taxes, and real estate taxes.
Check with NAI Keystone’s Bryan Cole to assist in finding sites within these zones and to get information on correct economic development and state contacts.
For More Information about Local News, Market Intel, or Commercial Real Estate Opportunities. visit www.Bryan-Cole.com
Bryan E. Cole | Team Leader
NAI Keystone Commercial & Industrial, LLC
Check out my new website at www.Bryan-Cole.com
NAI Keystone is a full service commercial and industrial real estate firm located in Reading PA; We handle buyer, tenant, and landlord representation throughout Pennsylvania and with the association of our global partners we can assist in locating product throughout the country.