WEST CHESTER (December 18, 2018) – State Senator Andy Dinniman announced today that 14 early-stage technology companies in Chester County will receive more than $1.1 million in total Keystone Innovation Zone (KIZ) tax credits to encourage entrepreneurship in and around Pennsylvania’s colleges and universities.

“These promising, young companies already offer highly skilled and good-paying jobs to Chester County residents. Perhaps more importantly, they’ll also likely be the tech industry leaders of tomorrow,” Dinniman said “The Keystone Innovation Zone program helps ensure that they set their roots right here in Pennsylvania and continue to grow here, providing vital career and economic opportunities to many residents and businesses along the way.”

The tax credits, which come through the Pennsylvania Department of Community and Economic Development’s KIZ program, are as follows:

The Chester County KIZ tax credits come as part of nearly $15 million awarded to 255 young companies statewide to provide them with vital working capital to help meet critical needs, including covering capital expenditures, workforce expansion, operational expenses, and making companies more attractive to venture investment.

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 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.

“It’s good to see Chester County continuing to take full advantage of the Commonwealth’s economic development tools when it comes to companies with tremendous growth potential,” Dinniman, who serves on the board of the Ben Franklin Technological Development Authority, said.  

A full list of approved Keystone Innovation Zone companies, as well as more information about the Keystone Innovation Zone Program, a map of the zones, and highlights of past awardees’ success stories, can be found on the DCED website.

 

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