The Greater Johnstown KIZ (GJKIZ) encompasses distinct geographic areas in Cambria and Somerset Counties designed to create "knowledge neighborhoods" that combine the resources of local industry and academia to aid in your business’s growth and development.
An incentive program that provides tax credits to for-profit companies less than eight years old operating within specific targeted industries within the boundaries of a Keystone Innovation Zone (KIZ). The KIZ tax credit program significantly contributes to the ability of young KIZ companies to transition through the stages of growth.
For-profit business entities 1.) located within the geographic boundaries of a particular KIZ, 2.) in operation for less than 8 years, 3.) operating within one of the KIZ targeted industry segments or sectors, 4.) it must be innovative in nature, such as working to obtain patents, licensing agreements, trademarks, and/or copyrights on products or processes created in-house (owning their own intellectual property), 5.) and meeting any other requirements as specified by the DCED may be qualified KIZ Companies and eligible to participate in the KIZ Tax Credit Program. Applications must be submitted on or before September 15 of each year. The KIZ Tax Credits will be awarded on December 15th of the year the application was submitted.
A KIZ company may claim a tax credit equal to 50% of the increase in that KIZ Company's gross revenues in the immediately preceding taxable year attributable to activities in the KIZ, over the KIZ Company's gross revenues in the second preceding taxable year attributable to its activities in the KIZ. The KIZ Tax Credit is limited to $100,000 annually per KIZ company.
Tax credits must be applied against the tax liability of a KIZ company for the tax year in which the KIZ Tax Credit was issued. Unused KIZ Tax Credits may be applied against the tax liability of the KIZ company for up to five years from the date the KIZ Tax Credit is issued or may be reassigned/sold to another taxpayer.
The KIZ Tax Credit must first be applied against the KIZ company's own tax liability under Articles III (Personal Income Tax), IV (Corporate Net Income Tax), or VI (Capital Stock Franchise Tax) of Pennsylvania Tax Reform Code of 1971. Tax credits not used in the tax year that the contribution was made, may not be carried forward or carried back and is not refundable or transferable. Unused KIZ Tax Credits may be applied against the tax liability of the KIZ company for up to five years from the date the KIZ Tax Credit is issued or may be reassigned/sold to another taxpayer.
How to Apply
Companies eligible for Tax Credit must use the Single Application and must be submitted online at Single Application. For assistance in completing the single Application, call 1.800-.379.7448.
Click on the links to check out the GJKIZ boundaries.
GJKIZ boundaries in Cambria County:
GJKIZ boundaries in Somerset County:
For more information, email Joette Watson or call 814.262.8372 to discuss your specific financing needs.
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