Fourteen early-stage companies in Chester County are among the 80 in the Philadelphia area to receive a portion of the more than $5.4 million in state tax credits through the Keystone Innovation Zone program, writes Michelle Caffrey for the Philadelphia Business Journal.
These companies are among the 255 in Pennsylvania awarded the credits through the program. They are for tech-focused companies less than eight years old, based in one of the KIZs, and that have grown their gross revenue in the last year.
The goal is to give companies a boost as they are starting out. They can receive up to $100,000 in tax credits to either offset their tax bill or sell them for cash to help grow their business.
The following 13 Chester County companies each received $84,182 in KIZ tax credits:
- Unilog Content Solutions
- VenatoRx Pharmaceuticals
- Precision Pro Sports
- Brandywine Photonics
- PetroMar Technology
- NextGen Trial Technologies
- Universal Pure
Megna, meanwhile, received $40,028.
“By supporting our tech entrepreneurs, we’re creating jobs, enabling business growth, and making Pennsylvania a national and global leader in innovation,” said Gov. Tom Wolf.
Read more about the tax credit program in the Philadelphia Business Journal here.