Seven Bethlehem start-up companies have been awarded $405,567 in tax credits through the Keystone Innovation Zone (KIZ) Tax Credit Program by the Pennsylvania Department of Community and Economic Development.

These companies are all located within the Southside Bethlehem Keystone Innovation Zone (SBKIZ), which is administered by the Bethlehem Economic Development Corporation.

Companies that received tax credits include:

Nextshift LLC $84,182; CryoConcepts $84,182; Soltech Solutions LLC $8,799; U.S. Specialty Formulations $84,182; MindMe, Inc. $29,241; Logic 54 LLC $30,799; and Bonn Place Brewing Company $84,182 for a total of $405,567.

Since 2004, the KIZ has helped to foster innovation and create entrepreneurial opportunities by aligning the combined resources of educational institutions, governmental agencies, and the private sector. While $100,000 in annual tax credits is a significant incentive to locate in one of Pennsylvania’s 28 KIZs, the SBKIZ is unique in that eligible companies can apply for $15,000 Technology Transfer Grants, $2,500 - $3,750 Student Internship Grants, and other benefits through the program, including access to resources through Lehigh University and Northampton Community College. The active grant program is supported by various community partners who invest in these startup companies and economic development in the region. Since 2004, the SBKIZ has seen over $8 million in investments made to over 100 KIZ companies.

“Our startup companies are receiving a real boost from the KIZ Tax Credit Program” said Bethlehem Mayor Bob Donchez. “These sellable tax credits are investments in young, growing companies that have seen a significant increase in annual revenue. This infusion of funding is a real game-changer.”

Eligible companies are for-profit business entities that: 1) are located within the SBKIZ, 2) have been in operation for less than eight years, 3) operate within one of the KIZ targeted industry clusters, and 4) are developing innovative technologies.

For more information, visit the Southside Bethlehem KIZ’s website or contact the city’s Economic Development Coordinator, Asher Schiavone, via email or phone (610) 865-4347.

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