| Transferable
Tax Credits:
Tax credits are available to eligible companies located
within a KIZ. A company may claim a tax credit equal to
50% of the increase in that company' s gross revenue from
year one to year two. In the event the company posts a revenue
increase but doesn' t maintain the tax liability then the
company may sell the credit to another Pennsylvania based
firm. The purchasing company will then apply the credit.
The tax credit shall not exceed $100,000 annually and may
be carried forward for up to four years.
Example:
Year 1,
ABC Company' s gross revenue = $40,000
Year 2,
ABC Company' s gross revenue = $60,000
Year 3,
ABC Company may apply for a tax credit of $10,000 or sell
the credit to another PA based company for $10,000. (50%
of the $20,000 increase in gross revenue from year 1 to
year 2.)
Applications must be filed by September 15 of each year,
beginning on September 15, 2006
Preferential Consideration
for DCED Programs:
KIZ eligible companies applying for DCED programs, including
but not limited to PIDA, MELF Funding and Job Creation Tax
Credits, will receive preferential consideration. In simple
terms, a company' s application moves from the bottom of
the pile to the top in an effort to expedite corporate growth
within the KIZ.
Internships:
As the KIZ coordinator, NPTI can help you find an intern(s)
and will provide the student a stipend up to $1,000.
Any interested and eligible companies should send the KIZ
coordinator a job description of the internship position.
NPTI will work with the thirteen local college and university
career development offices to help you recruit your intern(s).
A $1000 stipend is available to the student to offset a
portion of the cost to hire an intern(s). The stipend is
payable to the student in increments of $500 at 75 hours
and 150 hours.
Innovation Grants to Partner
with the Region’s Institutions
of Higher Education
The Lackawanna and Luzerne KIZ is eligible for up to $250,000
for technology transfer activities. The grant money is available
to Institutions of Higher Education to promote collaboration
and partnerships within business and industry along with
enhancing the current technology transfer programs.
If your company is interested in partnering with a college
or university to develop a product or solve a technical
problem contact the KIZ coordinator. Innovation grants may
be available to offset a portion of the project cost.
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