The unique nature of this tax credit allows eligible companies to sell credits for much needed cash to support their critical years of business growth.
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Williamsport, PA (PRWEB) January 09, 2012
IMC Inc. is pleased to announce that eight Williamsport/Lycoming Keystone Innovation Zone (KIZ) Companies were awarded a total of $497,339 in KIZ Tax Credits by the PA Department of Community and Economic Development for 2011. KIZ Company status is a designation for qualified start-up businesses in Pennsylvania to receive innovation assistance and access to the KIZ Tax Credit Program.
This year’s awards took the total dollar amount of KIZ Tax Credits received by Williamsport/Lycoming KIZ Companies since 2007 to over $1.7 million. Every year, the state makes $25 million in tax credits available to KIZ Companies. The companies receiving KIZ Tax Credits this year in the Williamsport/Lycoming Keystone Innovation Zone are Invent Yourself Rich, LLC; Keystone Leather Distributors, LLC; Lang's Chocolates; Strouse Industrial, LLC; T asseron Sensors, Inc.; The R.A.T.E. Company, LLC; TLC North, LLC; and TQ Electronics, Inc.
“It is fantastic how much value the KIZ Companies receive from this program. The unique nature of this tax credit allows eligible companies to sell credits for much needed cash to support their critical years of business growth,” stated Katie Bell, Innovation and Market Development Consultant and coordinator of the Williamsport/Lycoming KIZ at IMC, Inc.
Tax Credit dollars are awarded based upon a KIZ companies increase in revenue between two calendar years. Tax credit amounts are 50% of the increase in revenue, up to $100,000. KIZ tax credits can also be sold for cash under certain conditions.
Hosted by IMC, Inc., the Williamsport/Lycoming KIZ is part of a statewide program encouraging innovation and business start-up growth.