Central Penn Business Journal
Gov. Tom Corbett has signed Senate Bill 1237 to expand the state’s Keystone Opportunity Zone initiative, the governor’s office said.
The bill, authored by state Senate Majority Leader Dominic Pileggi, R-Chester and Delaware counties, authorizes creating up to 15 zones known as Keystone Opportunity Expansion Zones, according to a news release from Pileggi’s office.
The legislation, which Corbett signed on Monday, also calls for other steps to strengthen the program, the release stated.
As with existing zones, known as KOZs, tax benefits will be available for 10 years and all new zones must be approved by local governments and school boards, according to the release.
For businesses investing at least $1 billion and creating at least 400 jobs within seven years, the tax benefits would be extended to 15 years, according to Pileggi’s office.
KOZs provide tax benefits to companies that create jobs in the designated zones and have been used in Pennsylvania since 1999, the release stated.