Tax Credit Programs
The CCEDC can facilitate access to several tax credit programs available through the Commonwealth that can assist companies of all sizes to reduce their tax liabilities and grow their businesses.
In addition to benefiting local companies and the local economy, these programs support dynamic initiatives coordinated by CCEDC. For Example:
- The Keystone Innovation Zone (KIZ) Tax Credit program supports start-up life science, energy, information technology, and communications companies. Qualified companies can receive up to $100,000 in tax credits per year through i2n and the PA Department of Community Economic Development. These tax credits are transferable and may be sold. Click here for more information.
- The Educational Improvement Tax Credit (EITC) program provides tax credits for companies who are subject to state corporate net income, capital stock franchise, bank and trust company shares, title insurance company shares, insurance premiums, or mutual thrift institution taxes. Eligible organizations can receive up to $300,000 in credit via the EITC program. A portion of these deductions goes to support Youth Career Exploration Initiatives coordinated by the CCEDC’s Industry Partnerships.
- The Job Creation Tax Credit (JCTC) provides eligible businesses with a $1,000 tax credit for each new job created and retained for three consecutive years.
- The Research and Development Tax Credit programs allows companies holding such credits to apply for approval to sell those tax credits to raise capital.