Pennsylvania on Business Facilities Online

PENNSYLVANIA Fast Facts

• Population (2008): 12,448,279
• Largest Cities (2008): Philadelphia, 1,447,395; Pittsburgh, 310,037; Allentown, 107,250; Erie, 103,817;
   Reading, 80,506
• Targeted Industries: Advanced Manufacturing & Materials, Business Services, High Technology, Information
   Technology, Life Sciences
• Key Incentives: New PA Venture Capital Investment Program, Export Finance Program, Machinery and Equipment
   Loan Fund
• GDP (All Industry 2008): $553.3 billion*

*Bureau of Economic Analysis, U.S. Department of Commerce

PENNSYLVANIA State Incentives

The Keystone Opportunity Zone (KOZ) Program develops a community's abandoned, unused, and underutilized land and buildings into business districts and residential areas that present a well-rounded and well-balanced approach to community revitalization. The KOZs are designated by the local communities and approved by the state. All KOZs are virtually tax free and entitle businesses and residents to certain tax benefits when they locate there. The zones consist of 12 defined areas in 61 countries across Pennsylvania, covering more than 49,000 acres in over 193 sub-zones. Sizes of the KOZs range from under 10 acres to over 500. Along with the remarkable tax advantages, these areas provide close proximity to major interstates, ports, rail lines, and international airports.

The Machinery and Equipment Loan Fund (MELF) provides low-interest loan financing for a portion of the cost of machinery and equipment purchases to eligible businesses that commit to creating or retaining jobs within Pennsylvania. MELF may be used in conjunction with other state financing programs or with programs operated by local or regional economic development providers.

The Job Creation Tax Credit Program (JCTC) is available to businesses that, within three years from a negotiated start date, create 25 or more jobs or increase employment by 20%. Every new full-time job, up to a set maximum that meets certain minimum wage standards, will result in a $1,000 tax credit that the business can use to pay a number of state business taxes. The business may claim these credits only after the jobs are created. A minimum of 25% of all tax credits available to be awarded each fiscal year will be allocated to businesses that employ 100 or fewer employees.

The Opportunity Grant Program was established for the purpose of securing job- creating economic development opportunities through the preservation and expansion of existing industry and the attraction of economic development prospects to Pennsylvania. These grants prepare and assist public assistance recipients to obtain unsubsidized employment and work opportunities.

Explore detailed community demographic information at ZoomProspector.com

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Pennsylvania State Resources

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