Recently enacted legislation expands opportunities for securing tax benefits under the Pennsylvania Keystone Opportunity Zone program and related programs (Keystone Opportunity Expansion Zone; Keystone Opportunity Improvement Zone). The legislation permits the extension of KOZ benefits for 7-10 years for sites with benefits that are scheduled to expire in 2013 or later. The legislation also authorizes the designation of up to 15 additional Keystone Opportunity Expansion Zones and the expansion of existing zones. L. 2012, S1237 (Act 16), effective 2/14/2012.
Businesses that are expanding their Pennsylvania operations should consider locating in a KOZ. The tax benefits can be significant and the Zones are located throughout the state. Be aware that some of the new provisions have 2012 and 2013 deadlines.
Jeffry M. Kessel chairs the firm’s state and local tax group and is able to discuss any questions you may have concerning the expansion of the KOZ programs.