Over $3.5 Million in Credits Given
Joette Watson, CFO
JARI is pleased to announce that $3,509,134 in tax credits have been awarded to local companies through the Greater Johnstown Keystone Innovation Zone (GJKIZ) since the inception of JARI's KIZ program in 2005. The Commonwealth has a total annual pool of up to $25 million in tax credits available to KIZ companies. KIZ Zones 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, or
- 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 annually, if they meet the criteria. If there is no tax liability for the company, the credits may be sold for cash. The GJKIZ boundaries are outlined on the following maps: Cambria Geography and Somerset Geography. For more information or to obtain a KIZ application, contact Joette Watson at [email protected] or at 814.262.8372. |