9/20/11 - Incentives offered to companies through The City of Philadelphia
Incentives for starting, running and growing a business in Philadelphia
Date: 9/20/11
The City of Philadelphia offers the following incentives:

Real Estate Tax Abatement: This is a 10-year real estate tax abatement on new industrial and commercial construction, as well as on improvements to deteriorated properties. Designed to spur economic development, this exemption is for the additional assessment attributable to improvement and remains in effect for the full 10 years, regardless of sale or exchange of the property.

For more information, visit the Board of Revision of Taxes website» https://business.phila.gov/Pages/Home.aspx

Job Creation Tax Credit: The City of Philadelphia offers a Job Creation Tax Credit which may be applied against Business Privilege Tax liability. Under the program, eligible businesses may claim a credit of an amount equal to $3,000 or 2% of the annual wages paid, whichever is higher, for each qualified new full-time job created in the City of Philadelphia through 2013. For jobs created after 2013, businesses may claim a credit of $1,000 or 2% of the annual wages paid, whichever is higher, up to the maximum amount specified in a commitment agreement.

Download Job Creation Tax Credit Application» http://www.pidc-pa.org/userfiles/file/2007_Application_for.pdf

Keystone Opportunity Zone: The Commonwealth of Pennsylvania has designated a variety of properties throughout Philadelphia as Keystone Opportunity Zones (KOZ) and the related Keystone Opportunity Enhancement Zones (KOEZ) and Keystone Opportunity Improvement Zones (KOIZ). Eligible businesses operating within these zones may be exempt from all state and local business taxes until a specified date.

Visit this website to find out more about KOZs, KOEZs and KOIZs»
http://www.newpa.com/find-incentives-apply-for-funding/keystone-opportunity-zone

Tax Increment Financing (TIF): The City's TIF program can make certain increased tax revenues generated by redevelopment of a vacant or blighted parcel available to finance associated development costs.

More about Tax Increment Financing» http://www.pidc-pa.org/financing/tax-exempt

For comprehensive information on starting, running and growing a business in Philadelphia, visit the City's Online Business Portal» https://business.phila.gov/Pages/Home.aspx

Aaron Colsher 215-948-9285 x105
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