As an incentive for operating a business or wanting to start a company in one of Pennsylvania's 12 Keystone Opportunity Zones (KOZs), entrepreneurs will pay virtually no state, local or real property taxes until 2010 (or 2008 in the Southern Allegheny region). Entrepreneurs doing business in those areas will also be eligible to apply for a Pennsylvania Industrial Loan at a preferred interest rate.
KOZs are areas that comprise 5,000 acres or less in economically distressed communities. The zones are designed to stimulate business and residential development within those areas.
Interested entrepreneurs within the zone must submit an application to the local zone coordinator, who will initiate a background check to ensure back taxes and fees aren't owed. Those approved will receive a certificate of eligibility.
To find out where the zones are located, visit www.koz.state.pa.us or call (800) 554-PENN.