The state recently announced 19 properties in central Pennsylvania that were designated as a Keystone Opportunity Zone (KOZ), and one property received a KOZ extension.
Following are the number of properties per area in SEDA-Council of Governments’ (SEDA-COG) region eligible for KOZ benefits from Jan. 1, 2019 to Dec. 31, 2028:
- Milton: 10 properties
- Watsontown: Seven properties
- Mifflintown: One property
- Philipsburg: One property
The property owned by Susquehanna Industrial Development Corporation (SIDCO) in Selinsgrove known as Pawling Station was approved for a 10-year KOZ extension starting Jan. 1, 2019 and ending Dec. 31, 2028.
The KOZ program eliminates specific state and local taxes within designated underdeveloped and underutilized areas, which can spur economic growth and investment, according to the state Department of Community and Economic Development’s (DCED) website.
Betsy Lockwood, KOZ coordinator for 10 of SEDA-COG’s central Pennsylvania counties, said this announcement makes the region even more competitive.
“This is great news for the region. This allows our region to compete for business with other areas around the state and even other states by providing this tax incentive,” Lockwood said.
Lockwood works with property owners, businesses, local taxing bodies, and DCED to help implement the program in the region.
As of Dec. 31, 2017, the KOZ applicants created 7,278 jobs and invested $2.6 billion in private capital into the KOZ properties around the Commonwealth. Due to the tremendous success of the KOZ initiative, state legislation had opened additional opportunities for local communities to designate additional subzones.
DCED provides the organizational framework, including the certification and operations of KOZs. Local jurisdictions designate coordinators as a single point of contact for zone facilitation.
To learn more about the program, contact Betsy Lockwood at 570-524-4491 or email email@example.com.