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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionPennsylvania
Jurisdiction type: State
Fiscal year ending In2018
Program nameKeystone Opportunity Zone Program (KOZ)
Program purpose: General Economic Development (OZ)
Statutory authority: Article XIX‚ÄêD of the Tax Reform Code of 1971
Abating jurisdiction(s): State of Pennsylvania
Applicable taxesCorporate Net Income Tax; Personal Income Tax; Bank and Trust Company Shares Tax; Insurance Premiums Tax; Mutual Thrift Institutions Tax; Sales and Use Tax
Method of abatement: Tax Exemption; Tax Credit
Provisions for recapture: Businesses that cease operations in a KOZ within five years of first receiving tax benefits must repay a prorated percentage of the taxes abated; 66% if within three years or 33% if within four to five years.
Gross revenue loss: $92,100,000
Reimbursement / offset: $0
Net revenue loss: $92,100,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.budget.pa.gov/Publications%20and%20Reports/AnnualFinancialRe...