KOZ Opportunity Zone
A Keystone Opportunity Zone (KOZ) is limited to areas with greatly reduced or no tax burdens for residents, as well as businesses.
The State of Pennsylvania designates these zones. Pennsylvania has designated twelve Keystone Opportunity Zones since enactment of the program in 1999.
More specifically, a KOZ is a partnership between each community and region among state and local taxing bodies, school districts, economic development agencies, and community-based organizations. KOZ status can last for no more than twelve years.
In Union County, 440 acres of the Great Stream Commons business park has been granted KOZ status.
| State Taxes Waived | Local Taxes Waived |
|---|---|
| Corporate Net Income Tax | Earned Income/Net Profits Tax |
| Capital Stock & Foreign Franchise Tax | Business Gross Receipts, Business Occupancy, Business Privilege, & Mercantile Taxes |
| Personal Income Tax | Local Real Property Tax |
| Sales & Use Tax (purchases used and consumed by businesses in the zone) | Sales & Use Tax (county/city, purchases used and consumed by businesses in the zone) |
