The Pennsylvania Department of Community & Economic Development has announced the approval of $15 million in tax credits to support 263 early stage companies through the state's Keystone Innovation Zones, many of which are in the Greater Lehigh Valley.
The tax credits ranged from a few thousand dollars to more than $80,000.
The program provides tax credits for companies that have been in operation for less than eight years, whose gross revenues have increased over the previous year, are in a Keystone Innovation Zone and are operating within a targeted industry sector such as information technology or advanced manufacturing/diversified materials.
Applying companies within a KIZ may claim a tax credit equal to 50 percent of the increase in its gross revenues in the immediately preceding taxable year, over its gross revenues in the second preceding taxable year.
Among the companies obtaining a tax credit is Orbweaver Sourcing LLC, which is in the Ben Franklin Technology Partners of Northeastern Pennsylvania’s TechVentures facility in Bethlehem.
T. Christopher Ciesielka, CEO of the supply chain data solution firm, said such sources of revenue are vital toward the growth of small tech firms such as Orbweaver.
“The state and Ben Franklin have been so supportive in helping us achieve our goals,” Ciesielka said. “We’re looking at being profitable this year.”
Other tax credit recipients in the South Side Bethlehem KIZ include:
Hager Biosciences LLC, Cryoconcepts LP, Pivitec LLC, viihealth Inc., Harbor Light Software, Livehelpnow LLC, US Specialty Formulations LLC and Cernostics.
Tax credit recipients from the Pocono Mountain KIZ include:
Stellar Technology Solutions LLC, Imperial 3D Solutions LLC, American Systems & installation Inc., Marathon Studios Inc., TickChek LLC and Unify Interactive LLC.
Recipients from the Bucks County Biotech in Doylestown include:
ImCare Biotech LLC, IternaMed Consulting LLC, David Horn LLC, Fox Chase Chemical Diversity Center Inc., ForgeLife Science LLC, Epidarus Therapeutics LLC, GfreeBio LLC, ALS Biopharma LLC, Vironika LLC, Conifer Point Pharmaceuticals LLC, Flowmetric Inc. and Artemis Solutions.
For a complete list of recipients click HERE.
“It is important that we support Pennsylvania’s talent pipeline, from higher education to business ownership, and provide opportunities for entrepreneurial success, and the KIZ program does just that,” said DCED Secretary Dennis Davin. “It is an important tool that contributes significantly to young companies’ ability to transition through the stages of growth.”