Reading, PA - The Greater Reading Chamber of Commerce & Industry announced that four Greater Reading Keystone Innovation Zone (KIZ) companies were awarded a total of $392,879 in tax credits. Directlink Technology Corp., Interactive Liquid, LLC; and XenGenn, LLC were each awarded $100,000, while Mogistic, LLC was awarded $92,879.
Companies that are located in the Greater Reading KIZ are less than eight years of age and operate in one or more of the following target industries: advanced manufacturing & diversified materials, life sciences, business services, or high technology.
Eligible companies can apply for up to $100,000 in tax credits per year through this program. The amount of the tax credit is determined by the company's growth in gross revenue for the most recently filed tax year in the KIZ over the previous tax year in the KIZ, with the credit amounting to 50 percent of the difference, up to $100,000. The credits can be kept for current or future tax obligations or can be sold for cash.
Jennifer Leinbach, Coordinator of the Greater Reading KIZ, stated: "The cash from the sale of KIZ Tax Credits provides startup companies with options to grow their business. The program rewards companies that are growing by providing a tangible, cash incentive to increase sales. The Greater Reading KIZ is committed to helping companies grow. This is one of the many ways we are able to assist innovative businesses."
Interactive Liquid, Mogistic, and XenGenn are first time KIZ tax credit recipients. Directlink Technology Corp. also received $100,000 in tax credits in 2008. A total of $492,879 has been
awarded to Greater Reading KIZ Companies since the zone’s inception in 2006.
The Greater Reading KIZ strives to assist colleges and universities with the commercialization process of R&D activities, enhance entrepreneurial vitality within our region, and contribute to the growth of jobs and career opportunities within Greater Reading.
For more information regarding the GRKIZ, log onto
www.GRKIZ.com or contact coordinator Jennifer Leinbach, at 610.376.6766 or
jleinbach@GreaterReadingChamber.org.