Berks County Property Receives KOZ Designation – Post by GREP
Berks County Property Receives KOZ Designation – by GREP
The Greater Reading Economic Partnership (GREP) is pleased to announce that the PA Department of Community and Economic Development has designated 206 acres of the New Morgan Business Center site as a Keystone Opportunity Zone (KOZ).
This newly-designated zone features 206 acres of land either for sale or for lease in a prime development location at the Morgantown Interchange of the Pennsylvania turnpike. Its central locale enables businesses to draw from a labor pool encompassing Berks, Chester, Lancaster, Montgomery and Schuylkill counties.
“We are excited to be able to promote the New Morgan Business Center site as a KOZ area,” said Jon Scott, President and CEO, GREP. “This unique program allows Greater Reading to develop underutilized land and buildings by providing tax relief at both the state and local level. It encourages business not only to consider relocating to Greater Reading, PA, but also to expand.”
Keystone Opportunity Zones (KOZ) have been called one of the nation’s boldest and most innovative economic and community development programs. Specifically, through credits, waivers and broad-based tax abatements, total taxes on economic activity in these zones are significantly reduced. These benefits can affect the following taxes:
State: Corporate Net Income tax
- Capital Stock and Foreign Franchise tax
- Personal Income tax
- Sales and Use tax (purchases consumed and used by businesses in the Zone)
- Mutual and Thrift Institution tax
- Bank and Trust Company Shares tax
- Insurance Premium tax
Local: Earned Income/Net Profits tax
- Business Gross Receipts, Business Occupancy, Business Privilege and Mercantile tax
- Sales and Use tax (county/city; purchases used and consumed by business in the Zone)
- Property tax
For more information on the New Morgan Business Center, please contact Pamela Shupp, Vice President, Greater Reading Economic Partnership at (610)376.4237 or Pamela@GreaterReading.com.
Article Obtained by:
NAI Keystone Commercial & Industrial, LLC