Hanna announces tax credit for local business
HARRISBURG, Jan. 9 – State Rep. Mike Hanna, D-Clinton/Centre, today announced that SilcoTek Corporation received $82,585 in tax credits through the Department of Community and Economic Development’s Keystone Innovation Zone (KIZ) program.
Hanna said SilcoTek Corporation is located in Benner Township, Centre County and is one of 263 early-stage companies across the state that were awarded a total of $15 million in tax credits.
“Just as DCED Secretary Dennis Davin said when discussing these credits, it is so important that we provide opportunities for entrepreneurial success throughout Pennsylvania,” Hanna said.
SilcoTek, formed in 2009, is an independent company dedicated solely to coatings for several industrial markets. SilcoTek is the world’s leading provider of high performance coatings applied by chemical vapor deposition.
“SilcoTek is a spinoff of Restek, a company that has been in Centre County for 30 years,” Hanna said. “We are proud to house both companies in the 76th legislative district and look forward to seeing them grow and expand for many years to come.”
Companies located in a KIZ can apply for and receive tax credits if they have been in operation for less than eight years, if their gross revenues have increased over the previous year, and if they fall under specified industry categories such as information technology, advanced manufacturing, healthcare and more.
The program is designed to support and encourage entrepreneurship in and around Pennsylvania’s colleges and universities by providing young companies with vital working capital to meet critical needs, including covering capital expenditures, workforce expansion, operational expenses, and making companies more attractive to venture investment.
For a complete list of approved Keystone Innovation Zone awards, or for information about the program, visit dced.pa.gov.