Keystone Opportunity Zone
The goal of the Keystone Opportunity Zone program is to encourage investment in distressed areas by providing businesses with relief from many local and state taxes. Businesses must meet specific criteria set by the state, but once they qualify, property owners will be exempt from most state and local taxes during the term of the KOZ.
State corporate net income, capital stock and franchise and personal income taxes, along with county, borough and school real estate taxes, business gross receipts tax, occupancy and privilege taxes, mercantile taxes and earned income are all waived.
“Tax-free Keystone Opportunity Zones provide a powerful incentive to bring new jobs, new families and new hope to our communities,” said former Governor Tom Ridge. “What better incentive is there to create jobs and build stronger communities than to eliminate taxes?”
In each zone, state corporate net income, capital stock and franchise taxes are waived for the duration of the program for employers doing business in KOZs. Local governments have agreed to waive local real estate, earned income/net profits and business gross receipts taxes. Employers and residents must be up to date with all state and local tax payments to receive the tax-free status offered by KOZs.
For more information about McKean County KOZs go directly to the State’s KOZ page.
The OECD maintains data on each KOZ site and inquiries may be directed to Anita Dolan at (814) 368-7170, Ext 117 or email at firstname.lastname@example.org.