15 i2n Companies Receive $1.25M in Tax Credits from Pennsylvania

Tuesday, January 22nd 2013

15 i2n Companies Receive $1.25M in Tax Credits

The Corbett administration is pleased to announce the 2012 Keystone Innovation Zone tax credit awards. The KIZ initiative, funded under the Department of Community and Economic Development (DCED), continues to advance a top priority of Governor Corbett through connecting Pennsylvania’s educational institutions with entrepreneurs and start-up businesses to create innovative, good-paying jobs for graduates right here in the state. Fifteen Ideas x Innovation Network (i2n) companies in Chester County and Delaware County received a total of $1,246,830 in KIZ tax credits.

The companies receiving the tax credits are Advanced Mobile, LLC, Alliance Pharma, Inc., Brandywine Photonics, LLC, BytheZip.com Directory, Inc., EvolveIP Holdings, LLC, GreenPointe Energy, LLC, Herban Farms, LLC, Hometown Green, LLC, Momentum Dynamics Corp., Prosthetic Innovations, LLC, QUANTA Technologies, Inc., Reniguard Life Sciences, Inc., TransSig, Inc., VenatoRx Pharmaceuticals, Inc. and Y-Prime, Inc.

The total award statewide was $13,729,718. Last year, i2n companies received $1,371,865 of the $13,035,782 awarded statewide in 2011.

David Ren, Chief Scientific Officer of Reniguard Life Sciences Inc., said, “This is the best holiday greeting that I have ever had.  The KIZ tax credit will provide pivotal support to our research and development activities.”

CEO Kim Auger and CTO Sean Crane of Hometown Green LLC, issued the following statement. “The management team at Hometown Green is grateful to i2n and to Chester County Economic Development Council for the instrumental role i2n played in helping us to earn this year’s $96,076.00 salable tax credit. By keeping us informed of rules, helping us to properly file and report, providing us with intern assets, and sponsoring tax credit workshops, i2n was able to help us grow and to help us qualify for this much needed award.  The award of this salable tax credit to Hometown Green offers us an opportunity to sell the credit at a slight discount (also benefitting another business), to reinvest some funds in our community, and to create a job. We hope to use these funds to continue research and to fund coding and software work we otherwise would have been unable to do.”

i2n, an initiative of the Chester County Economic Development Council, supports emerging growth businesses throughout their entire life cycle by leveraging the assets of academic institutions and other partners to create a network of physical and virtual resources. i2n is funded in part by private sector support, educational partners, and the Pennsylvania Department of Community and Economic Development’s  Discovered in PA, Developed in PA program.  i2n serves more than 65 companies across Chester County and Delaware County, and involves more than 25 educational institutions, for-profit and non-profit organizations. i2n builds on many of the strategies of DCED’s technology investment programs and, along with the support and direction of its 30-member board, offers a comprehensive package of resources, services and opportunities to emerging growth businesses.

For more information, see www.i2npa.org.

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