Tax programs encourage new business

Featured — By on April 10, 2008 at 7:45 pm

Along with the incentives of culture and quality of life, the Greater Scranton Area offers a number of tax programs to encourage new businesses to settle in Scranton and established organizations to relocate here. Why not Rediscover Scranton for yourself and see what the buzz is about?

The three primary tax programs available in the Greater Scranton area of Scranton, Wilkes-Barre and Hazleton consist of the Keystone Opportunity Zone (KOZ), Keystone Innovation Zone (KIZ) and Keystone Opportunity Expansion Zone (KOEZ).

These programs provide incentives to businesses looking to build their success while, at the same time, helping to grow the local economy. The tax credits are particularly friendly to developing businesses.

“The biggest challenge for start up companies is they’re strapped for cash to grow,” said Ken Okrepkie of the Great Valley Technology Alliance. “These programs provide companies that are growing with the resources to keep growing.”

Okrepkie noted that a business can benefit from more than one of the tax incentives at a time and that KIZ credits are sellable for 85-90 cents on the dollar.

The success of the programs have been evident. According to Okrepkie, in two years KIZ has seen $400,000 returned in Lackawanna County from six firms. And in Luzerne County over the same period, 16 firms have returned $1.3 million.

Apart from the KIZ, KOZ and KOEZ credits, businesses can take advantage of research and development tax credits for innovative work and movie credits aimed at developing the area’s burgeoning film industry.

The Scranton Plan, the industrial marketing arm of The Greater Scranton Chamber of Commerce and community leaders launched Rediscover Scranton to promote and strengthen greater Scranton’s quality of life and business assets. Through Rediscover Scranton, volunteers are identifying and contacting accomplished people with ties to greater Scranton, informing them about economic, quality of living, and growth opportunities, and encouraging them to relocate their businesses and families to the area. For more information visit www.rediscoverscranton.com.

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    1 Comment

  • HELLO,

    I am in the Masters program at DUQ. I am doing research maily looking
    for access to a sample budget for the city if it is available as public information. I have gotten access to the state of Michigan hoping that I will be able to obtain the same from Scranton.

    Thanks

    Wayne 5/20/08

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