Right here in Pennsylvania, where the Keystone Opportunity Zone (KOZ) program is providing a once-in-a-lifetime opportunity to develop land with greatly reduced state and local taxes. KOZs reflect a true sense of partnership among state and local taxing bodies, school districts, economic development agencies and community-based organizations.
The Number One Economic Development Strategy in the Nation
Communities within Pennsylvania are experiencing economic growth and investment. Keystone Opportunity Zones are such a breakthrough idea that Business Facilities magazine calls them the number one economic development strategy in the nation. By eliminating specific state and local taxes within specific underdeveloped and underutilized areas, communities within Pennsylvania are experiencing economic growth and investment. Since the KOZ program's inception in 1999, it has led to the creation of new jobs and produced capital investment in real estate. Due to the tremendous success of the KOZ initiative, there have been multiple opportunities for local communities to designate additional subzones, the most recent being in 2012, where legislation enables DCED to grant extensions on an "as applied/needed" basis.
To read the original article: Keystone Opportunity Zones | PA Department of Community & Economic Development (DCED)
