LANCASTER, Pa. (WHTM) — The Lancaster City Alliance recently announced the approval of $220,000 in tax credits for four Lancaster County-based businesses.
According to Lancaster City Alliance, a state-designated coordinating agency, the tax credits are part of the 2022 Keystone Innovation Zone (KIZ) tax credit program.
The following businesses were awarded this year’s KIZ tax credits:
- Creative Coding Group Inc. – $22,975.00
- Pipedream Marketing Inc. – $77,546.00
- Triode Media Group, LTD – $21,307.00
- VIZpin Inc. – $100,000.00 (award maximum)
“We are pleased for the opportunity to serve as coordinators for the Lancaster City KIZ in support of the City’s vibrant entrepreneurs,” said Marshall W. Snively, President of the Lancaster City Alliance. “Each time we support a small business owner in the city, we are promoting job growth, investing money back into our community, and improving the quality of life in our neighborhoods.”
Currently, the KIZ Program is administered by the Pennsylvania Department of Community & Economic Development. According to Lancaster City Alliance, they are just one of 29 KIZ regions across the Keystone State.
The KIZ tax credit program is designed to encourage innovation and cultivate entrepreneurs in key industry sectors, which includes:
- High technology
- Life sciences
- Business services
- Advanced materials/diversified manufacturing
It should be noted that this program specifically provides tax incentives for qualified small businesses that have been in existence for less than eight years.
If you would like more information on the qualifications for the program, you can click here.
“The Lancaster City Alliance team is here to support our business community with a variety of programs that make it as easy as possible to do business and grow and thrive here in the city,” said Jeremy Young, Lancaster City Alliance Director of Community & Economic Development, and Lancaster City KIZ Coordinator.