Over $5 Million Awarded in Tax Credits!
JARI is pleased to announce that $5,243,851 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 2018, $118,190 in tax credits were awarded to four 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. If there is no tax liability for the company, the credits may be sold for cash.