Over 4 Million Awarded in Tax Credits!
JARI is pleased to announce that $4,934,707 in tax credits have been awarded to local companies through the Greater Johnstown Keystone Innovation Zone (GJKIZ) since the inception of the program in 2005. In 2017, $118,190 in tax credits were awarded to five companies. The Commonwealth has a total annual pool of up to $15 million available to eligible companies.
KIZs are designed to foster innovation and create entrepreneurial opportunities. To qualify for the GJKIZ program, a company must be a for-profit located within the territory of the GJKIZ, be fewer than eight years old, and have its primary business within one or more of the following industry sectors:
- Advanced Manufacturing
- Environmental/Renewable Energy Technology
- Information Systems Technology
- Life Sciences
A KIZ company must have an innovative process or have patents, licensing agreements, trademarks and/or copyrights on products or processes created in-house. A company may receive up to $100,000 in tax credits annually if they meet the criteria and the tax credits are available. If there is no tax liability for the company, the credits may be sold for cash.