Hello KOZs! Goodbye Taxes!

Just imagine. Not having to pay ANY state, county or local business taxes through the year 2010?

Well, you don't have to fantasize about it. because relocating to the Greater Berwick Area means this can be your company's reality!

Click here to see Berwick area's KOZ sites!

Keystone Opportunity Zones are defined, parcel-specific areas with greatly reduced or no tax burden for property owners, residents and businesses. KOZ have been designated by local communities and approved by the state - they are, in fact, a partnership between each community and region among state and local taxing bodies, school districts, economic development agencies and community-based organizations.

Taxes Waived

Binding ordinances and resolutions were passed, granting the waiver, abatement or exemption of certain state and local taxes. Depending on the situation, the tax burden may be reduced to zero through exemptions, deductions, abatements, and credits for the following:

• State Taxes: Corporate Net Income Taxes, Capital Stock & Foreign Franchise Tax, Personal Income Tax, Sales & Use Tax, Bank Shares and Trust Company Shares Tax, Alternative Bank and Trust Company Shares Tax, Mutual Thrift Institutions Tax, Insurance Premiums Tax
• Local Taxes: Earned Income/Net Profits Tax, Business Gross Receipts, Business Occupancy, Business Privilege & Mercantile Taxes, Local Real Property Tax, Sales & Use Tax

Length of Tax Relief

KOZ status for the Greater Berwick Area sub-zones is retained until December 31, 2010. Afterwards, the KOZ preferential tax treatment will expire.

Size Requirements/KOZ

Each KOZ has up to twenty subzones. KOZs are no larger than 6,500 acres. Subzones must be at least 10 acres in rural areas, or 20 acres in urban areas.

Priority considerations:

Projects in Keystone Opportunity Zones shall receive priority consideration for State assistance under State community and economic development programs as well as community building initiatives. Projects in designated KOZ's that are approved for Pennsylvania Industrial Development Authority (PIDA), or Small Business Financing shall receive the lowest interest rate extended to borrowers.