Greater Oakland Keystone Innovation Zone Tax Credit Program
Part of the Pennsylvania Department of Community and Economic Development’s (DCED) state-wide economic development funding initiative, the GO KIZ exists to leverage innovations developed at the University of Pittsburgh, Carnegie Mellon University and the University of Pittsburgh Medical Center (UPMC) in the establishment, relocation and growth of technology-based companies in this specially designated geographic zone.
The DCED further supports this local KIZ with innovation development/commercialization grants, “Starter Kit” grants to spawn new research endeavors, and a tax credit program for young companies within the GO KIZ.
The GO KIZ focuses on the following target industries:
- advanced materials, including specialty chemicals
- life sciences
- information technology, including robotics
- “horizon” technologies, including nanotechnology and MEMS
- energy related technology
In addition, the efforts of the GO KIZ targets companies under 8 years old that either are located within the GO KIZ boundaries or are looking to relocate within this geographic zone to take advantage of the close proximity to both participating research universities and UPMC, which is considered one of the world’s largest medical centers.
Who is eligible for this funding option?
To be eligible for the tax credit program, for-profit business entities must:
- Locate within the geographic boundaries of the GO- KIZ
- Be in operation less than 8 years
- Operate within one of the designated KIZ-targeted industry segments or sectors
Important features of this funding option:
A company may claim a tax credit equal to 50 percent of the increase in that company’s gross revenues in the immediately preceding taxable year, attributable to activities in the KIZ, over the company’s gross revenues in the second preceding taxable year, attributable to its activities in the KIZ; limited to $100,000 annually per company.
Range of funding: Max Credit of $100,000 annually
Website URL: http://www.gokiz.pitt.edu/
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