“This unique program allows Greater Reading to develop underutilized land and buildings by providing tax relief at both the state and local level. It encourages business not only to consider relocating to Greater Reading, PA, but also to expand.”
Reading, PA (PRWEB) March 15, 2013
The Greater Reading Economic Partnership (GREP) is pleased to announce that the PA Department of Community and Economic Development has designated 206 acres of the New Morgan Business Center site as a Keystone Opportunity Zone (KOZ).
This newly-designated zone features 206 acres of land either for sale or for lease in a prime development location at the Morgantown Interchange of the Pennsylvania turnpike. Its central locale enables businesses to draw from a labor pool encompassing Berks, Chester, Lancaster, Montgomery and Schuylkill counties.
“We are excited to be able to promote the New Morgan Business Center site as a KOZ area,” said Jon Scott, President and CEO, GREP. “This unique program allows Greater Reading to develop underutilized land and buildings by providing tax relief at both the state and local level. It encourages business not only to consider relocating to Greater Reading, PA, but also to expand.”
Keystone Opportunity Zones (KOZ) have been called one of the nation’s boldest and most innovative economic and community development programs. Specifically, through credits, waivers and broad-based tax abatements, total taxes on economic activity in these zones are significantly reduced. These benefits can affect the following taxes:
State: Corporate Net Income tax
Capital Stock and Foreign Franchise tax
Personal Income tax
Sales and Use tax (purchases consumed and used by businesses in the Zone)
Mutual and Thrift Institution tax
Bank and Trust Company Shares tax
Insurance Premium tax
Local: Earned Income/Net Profits tax
Business Gross Receipts, Business Occupancy, Business Privilege and Mercantile tax
Sales and Use tax (county/city; purchases used and consumed by business in the Zone)
For more information on the New Morgan Business Center, please contact Pamela Shupp, Vice President, Greater Reading Economic Partnership at (610)376.4237 or Pamela(at)GreaterReading(dot)com.
About Greater Reading Economic Partnership
GREP’s mission is to attract, retain and grow business by vigorously promoting, fostering and coordinating economic development in Greater Reading. GREP works to attract businesses and jobs to Berks County, and helps existing local businesses be something greater, by connecting them to valuable resources. For further information, visit GreaterReading.com.
GREP is one of 30 economic development organizations out of over 4,500 worldwide to receive accreditation from the International Economic Development Council (IEDC).