Harkins, Merski: More than $530,000 in tax credits approved to boost young tech companies in Erie
Rep. Patrick J. Harkins, Rep. Robert Merski May 12, 2022 | 12:53 PM
ERIE, May 12 – Early-stage technology companies in Erie will benefit from $530,714 in tax credits approved today, state Reps. Pat Harkins and Bob Merski announced.
The lawmakers, both D-Erie, said the Keystone Innovation Zone tax credits will be key to helping a growing Erie industry flourish.
“Erie’s growing tech industry is diversifying our manufacturing and business sectors and bringing more family-sustaining jobs to the region,” Harkins said. “But for young companies, solvency and cash flow can pose huge challenges. The tax credits awarded today will make it easier for these companies to grow so they can stay in Erie, strengthen their bases in the community and expand.”
Merski said, “It’s exciting to see more and more tech companies putting down roots here in Erie, but we need to make sure we can offer the favorable business climate and incentives they need to survive and thrive here. One way is by lowering the state corporate income tax, and another is by providing tax credits like the ones awarded today, which help reduce the burden on young companies starting out.”
The lawmakers say the tax credits include:
- Evident Holding Company, LLC – $26,087
- Institute on Healthcare Directives – $11,370
- Makerplace Inc. – $100,000
- VelocityNet Video, Inc. – $40,735
- Steel Toe Consulting, LLC – $77,005
- Whitethorn Digital, LLC – $100,000
- Great Lakes Online Media, LLC – $75,517
- Calypso Enterprises – $100,000
The KIZ program provides tax credits for companies that have been in operation for fewer than eight years, have gross revenues that have increased over the previous year, are located in a Keystone Innovation Zone, and are operating within a targeted industry sector such as information technology or advanced manufacturing/diversified materials.
More information is available here:
https://www.governor.pa.gov/newsroom/gov-wolf-14-million-in-tax-credits-approved-to-support-growth-of-197-early-stage-technology-oriented-businesses-and-entrepreneurs/.