The Federal government, the Commonwealth of Pennsylvania, the County of Lawrence and its municipalities are working hard to develop and sustain a business-friendly operating environment. State and local governments provide tax incentives, financing assistance and an array of services to help companies establish or expand in our Community:
KOZs are such a breakthrough idea that Business Facilities magazine calls them the number one economic development strategy in the nation. By eliminating specific state and local taxes within specific underdeveloped and underutilized areas, communities within Pennsylvania are experiencing economic growth and investment. Since the KOZ program's inception in 1999, it has led to the creation of new jobs and produced capital investment in real estate. Due to the tremendous success of the KOZ initiative, there have been multiple opportunities for local communities to designate additional subzones where legislation enables DCED to grant extensions on an "as applied/needed" basis.
LERTA allows local government bodies to extend a tax-free period to businesses making improvements to real estate in a LERTA-designated area to encourage economic development and community growth. The County of Lawrence, the City of New Castle and many of our Townships have customized LERTA programs to help your business. Please contact the LCEDC for more information.
RITC provides a 20% federal tax credit for designated buildings or 10% for buildings that are 50 years and older through the Federal Rehabilitation Investment Tax Credit (RITC) program. The Pennsylvania Historical and Museum Commission administers the RITC program in Pennsylvania in partnership with the National Park Service and the IRS.
The HPTC program offers a 25% state tax credit for the rehabilitation of qualified income-producing buildings that are also using the federal tax credit. By leveraging the existing 20% federal tax credit with an additional 25% state credit, the program will help spur investment into Pennsylvania.
Nearly all of Lawrence County’s industrially-zoned properties and many of its commercial parcels as well participate in the Lawrence County Enterprise Zone Program. The Enterprise Zone Program, abbreviated EZP, is an incentive program that provides tax credits to private companies of up to 25% for investments in acquisition of buildings or land, rehabilitating, expanding or improving buildings or land for commercial, research or manufacturing businesses. Tax credits are available annually on a competitive basis. Also under the Enterprise Zone Program, applications for state assistance from EZP-designated areas of Lawrence County receive special consideration under a range of programs of the Commonwealth of Pennsylvania.
CBSTC establishes a tax credit program for businesses that make contributions (cash, personal property or services) to non-profit entities that provide community-based services to individuals with Intellectual Disabilities.
The OSTC program provides tax credits to eligible businesses contributing to a Scholarship Organization, an Educational Improvement Organization, and/or a Pre-Kindergarten Scholarship Organization.
In an effort to expand the activity of film, television and other production companies in Pennsylvania, the Film Tax Credit Program is available to eligible film projects that spend at least 60 percent of their total production budget for Qualified Pennsylvania production expenses.