IMC, Inc. is pleased to announce that eight Williamsport/Lycoming Keystone Innovation Zone (KIZ) companies were awarded $249,256 in KIZ Tax Credits for the 2013 calendar year. This tax credit award round takes the total of local companies receiving KIZ Tax Credits since 2007 to over $2.26 million dollars.
The PA Department of Community and Economic Development awarded the KIZ Tax Credits to the Williamsport-based companies. KIZ Company status is a designation for qualified start-ups and spin-offs to access innovation, product development and manufacturing support services, the KIZ Tax Credit Program and other benefits. The companies receiving 2013 KIZ Tax Credits were Affiniton, LLC; Johnny’s Key, LLC; Lang’s Chocolates; Solid State Ceramics; Strouse Industrial, LLC; The R.A.T.E. Company, LLC; TLC North, LLC and TQ Electronics, Inc.
“The KIZ Tax Credit program has continued to provide valuable access to credits for qualified local start-up companies since 2007. Because these unique credits can be applied to business liability or sold for cash, they offer financial support during the critical first years of business and stages of growth,” stated Beth Bittenbender, Manager of the Williamsport/Lycoming KIZ. “KIZ Companies have utilized these credits to fund new product development, staffing, marketing and other business needs,” Bittenbender said.
Qualified KIZ companies can receive up to $100,000 per year in KIZ Tax Credits based on an increase in gross revenues between two calendar years of business in a designated KIZ Zone. The KIZ Tax Credit amount will be 50% of the increase in revenue, up to $100,000. KIZ Tax Credits can also be sold under certain conditions.
Hosted by IMC, Inc., the Williamsport/Lycoming KIZ is part of a statewide program encouraging innovation and business start-up growth, and aligns the resources of educational institutions and public and private organizations to support these activities.
For individuals and businesses interested in learning more about the benefits and services of the KIZ Program, visit http://www.wlkiz.com or contact the IMC at 570-329-3200.