Seven Centre County businesses have received a combined $439,502 in tax credits through the Pennsylvania Department of Community and Economic Development’s Keystone Innovation Zone (KIZ) program.
The incentive program is designed to support entrepreneurship in and around Pennsylvania’s colleges and universities and the growth of young companies. It provides tax credits to for-profit companies that are less than eight years old and operating within specific targeted industries such as information technology, advanced manufacturing, healthcare. They must be located within the boundaries of a Keystone Innovation Zone (KIZ) and have increased gross revenues over the previous year.
The seven Centre County businesses are among 263 statewide to awarded a total of $15 million in credits.
- Solid State Ceramics, Inc., located in Innovation Park, received $64,965.
- ColumnTek, LLC, located in Innovation Park, received $49,194.
- M‐Mech Defense, Inc., located in Innovation Park, received $58,702.
- Atoptix, LLC, located in Innovation Park, received $82,585.
- Solid Dynamics, LLC, located in Innovation Park, received $26,113.
- Biomagnetic Solutions, LLC, located on Pine Hall Road, Ferguson Township, received $75,358.
- SilcoTek Corporation, located on Penntech Drive, Benner Township, received $82,585.
“Just as DCED Secretary Dennis Davin said when discussing these credits, it is so important that we provide opportunities for entrepreneurial success throughout Pennsylvania,” State Rep. Mike Hanna, whose 76th District represents parts of Centre and Clinton counties, said in a release announcing SilcoTek's credit. "SilcoTek is a spinoff of Restek, a company that has been in Centre County for 30 years. We are proud to house both companies in the 76th legislative district and look forward to seeing them grow and expand for many years to come.”
The seven Centre County companies receiving the credits are located in the I-99 Innovation Corridor KIZ. Two Altoona companies in the corridor -- Adiaon, LLC ($3,346) and Professional Staffing Solutions, LLC ($4,961) -- also received KIZ credits.
“It is important that we support Pennsylvania’s talent pipeline, from higher education to business ownership, and provide opportunities for entrepreneurial success and the KIZ Program does just that,” Davin said. “It is an important tool that contributes significantly to young companies’ ability to transition through the stages of growth.”