Keystone Opportunity Zone (KOZ) Benefits:

Keystone Opportunity Zones are defined-parcel-specific areas with greatly reduced or no tax burden for property owners, residents and businesses. KOZs 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.

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

KOZ status is in effect until December 31, 2010. For more information click here.