PIDC offers a wide range of loans, tax-exempt financing, and technical assistance to businesses, developers, and non-profits of all shapes and sizes. Learn how we can connect you to the capital you need to grow.
The Navy Yard Keystone Innovation Zone promotes technology innovation and commercialization through the collaboration of world-class academic institutions, federal, state, and local government agencies, and private industry, to support growth of research and business activity focused on the following technology sectors: Power and Energy, Nanotechnology, Advanced Materials & Manufacturing, Communications and IT, Homeland Security, Life Sciences.
Businesses located in the Navy Yard's Keystone Opportunity Zone can qualify for reductions, exemptions, abatements, or credits for most city and state taxes, including corporate taxes, franchise taxes, financial institution taxes, income taxes, and real estate taxes, for up to 10 years. In addition, most purchases of items subject to sales and use tax will be exempt from state and local sales and use tax for property used, consumed and utilized in the KOZ.
The City of Philadelphia provides a 10-year abatement of incremental real estate taxes for new industrial and commercial construction, as well as for substantial improvements to existing buildings.
The Navy Yard Historic District is on the National Register of Historic Places. As a result, federal tax credits worth up to 20% of qualified rehabilitation costs may be available for building restorations, as well as a state tax credit of up to $500,000.
Established to assist the growth and development of technology-oriented businesses, particularly small startup technology companies, R&D tax credits are issued by the Commonwealth of Pennsylvania.
The City of Philadelphia offers a Job Creation Tax Credit, which may be applied against the Business Income and Receipts (BIRT) Tax for up to $25,000 per job created. Qualifying businesses may claim a credit of an amount equal to $5,000 per year over five years for each new full-time job created in the City of Philadelphia.To qualify, a business must demonstrate the ability to create at least 25 new full-time jobs, or increase its full-time workforce in Philadelphia by at least 20% within a five-year period.