The Steel Valley Enterprise Zone Corporation (SVEZC) announces that companies in the Boroughs of Homestead, Munhall, West Homestead and a portion of the 31st Ward of the City of Pittsburgh may qualify for Commonwealth of Pennsylvania tax credits on improvements to land and buildings. This is for the period of July 1, 2008 through June 30, 2009. The Neighborhood Assistance Enterprise Zone Tax Credit Program is designed to encourage private investment and promote job growth and economic development in designated Enterprise Zones. The Program authorizes tax credits against certain specified Pennsylvania taxes to private companies that make qualified investments to promote economic development by rehabilitating, expanding or improving buildings or land in an Enterprise Zone. Tax credits are authorized in the amount of 25% of funds invested. The requirements for making application for the Neighborhood Assistance Enterprise Zone Tax Credit Program are as follows: (1) A plan developed in cooperation with and approved by the Steel Valley Enterprise Zone Corporation; (2) a detailed description of the planned activities and the benefits that will result from those activities; (3) a budget itemizing all costs; (4) a commitment to avoid or minimize dislocation of current residents; and (5) payment of a fee to the SVEZC upon receipt of notification of the approval of the state tax credit application by the state.
Projects are approved for a one year period and tax credits awarded will not exceed $500,000.00 annually to any one company. Tax credits awarded but not utilized in the period in which the20investment was made, may be carried over for a maximum period of five (5) years and now tax credits may be transferred or sold.
SVEZC President Kitty Lesko said, "With recent program changes more companies are eligible for the State Tax Credit Program and the credits may now be sold for cash. It’s a great incentive as firms are rewarded for investing in their facilities because of our Enterprise Zone status. We will help companies in putting these applications together. We have assisted firms secure tax credits who are located in the Enterprise Zone at The Waterfront such as GAI Consultants, Inc., Marcegaglia, Inc. and Eat ‘n Park and also locally-owned firms who have been in the Enterprise Zone for years, such as Keystone Plumbing Sales Company and the George M. Hall Company, Inc.”
For more information visit: www.svez.org
