As if companies needed another reason to choose Berwick, the state of Pennsylvania offers an additional benefit to encourage business development – the Keystone Opportunity Zone program.

Through this innovative program, taxes are greatly reduced or eliminated through December 31, 2010, for companies that locate in a KOZ.

KOZs, a partnership between each community and region among state and local taxing bodies, school districts, economic development agencies and community-based organizations, have been designated by local communities and approved by the state.

Depending on the situation, the tax burden may be reduced to zero through exemptions, deductions, abatements, and credits for the following state and local taxes:

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

Projects in Keystone Opportunity Zones receive priority consideration for state assistance under state community and economic development programs as well as community building initiatives. Projects in designated KOZ's that are approved for Pennsylvania Industrial Development Authority (PIDA) or Small Business Financing will receive the lowest interest rate extended to borrowers.