Thanks to an initiative started in 1998, local counties, municipalities and school districts were allowed to designate certain properties within their jurisdictions as special tax-free zones. All three taxing bodies had to agree to forgive most local taxes for a property to receive either KOZ status.
Substantial Savings to Eligible Companies!
1 Alberigi Drive is located in a Keystone Opportunity Zone (KOZ). Companies that move into this building and meet the state’s eligibility requirements will have most of their state and local taxes abated through 12/31/20.
*The following taxes will be abated 100% until 12/31/20 for eligible companies:
• *Local real property taxes (county, borough, school district)
• Pennsylvania Corporate Net Income Tax
• Pennsylvania Capital Stock & Foreign Franchise Tax
• Pennsylvania Sales and Use Tax on telephone, gas and electric service used by a business in the zone
• Pennsylvania Sales and Use Tax on the purchase of taxable property or services (excluding motor vehicles) that are used and consumed by a business in the zone
• PA Sales and Use Tax on “building machinery and equipment” purchased by a contractor in conjunction with a construction contract
A business moving from outside Pennsylvania into a KOZ is program eligible provided it owns or leases property in the KOZ from which it actively conducts a trade, profession, or business and obtains annual certification from the PA Department of Community and Economic Development.
Pennsylvania companies must meet certain job creation and/or capital investment requirements in order to be eligible.
*The abatement does not include any municipal service fees that may be applied by local taxing authorities.
For more information on Keystone Opportunity Zones, click the KOZ logo above.