Over 37,000 acres of developable land virtually free of state and local taxes? It’s here, in Pennsylvania, where the Keystone Opportunity Zone (KOZ) program is providing a once-in-a-lifetime opportunity to develop land with greatly reduced or completely eliminated state and local taxes.
Since its inception in 1999, over 10,000 new jobs have been created as a direct result of Keystone Opportunity Zones, with many more on the way. Because of the tremendous success of the KOZ initiative, additional zones were added in 2001, 2003, 2004 and 2009. By eliminating state and local taxes within specific underdeveloped and underutilized areas, communities within Pennsylvania are experiencing economic growth and investment.
Pennsylvania is committed to developing and using advanced technology to strengthen the business climate within the state.
Monroe County has approved KOZ sites ready for development and, in most cases, they are valid until December 2019. Expiration dates vary depending on the site, so contact our office regarding specific properties.
LERTA stands for Local Economic Revitalization Tax Assistance and it was established to allow local taxing authorities to exempt improvements to business property if the property is in a designated area.
The Pocono Mountains Corporate Center South, East and Arcadia North Business Park have all been designated LERTA Zones and businesses locating here are eligible for local property tax exemptions.
The exemption is spread over a six-year period, starting with a 100% exemption in the first year and decreased by 20% each year.
Contact Dennis Noonan at PMEDC for more details or to visit some of these tax exempt properties.