Keystone Opportunity Zone

Opportunity knocks                              

KOZs are designated parcel-specific properties within the Greater Reading region with a greatly reduced tax burden for qualified property owners and businesses.  Pennsylvania's KOZ Program has been named the number one economic development strategy in the nation by leading experts and trade publications - and has created and retained more than 43,000 jobs since the program began in 1999.

KOZ Summary:

Properties located in KOZs can have the following taxes reduced or abated:

State:   Corporate net income tax, Capital stock and foreign franchise tax, Personal income tax, Sales and use tax, Bank shares and trust company shares tax, Alternative bank and trust company shares tax, Mutual thrift institutions tax, Insurance premiums tax

Local:   Earned income/net profits tax, Business gross receipts, Business occupancy, Business privilege and mercantile tax, Local real property tax, Sales and use tax

Depending on the property, tax relief expires in either 2013 or 2020.

Projects located in a KOZ are also given priority consideration for assistance under State community and economic development programs as well as community building initiatives.

Greater Reading KOZ locations:

• Buttonwood Gateway
• Elks Club
• GoggleWorks II
• Train Station
• Dana North
• Birdsboro Alloying
• Armorcast

KOZ properties are concentrated primarily in the City of Reading but there are a few non-urban KOZ sites.  For a complete list of KOZ properties, and for more information about the KOZ application process, please contact pamela@GreaterReading.com.