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Northeastern Pennsylvania Scranton, Wilkes-Barre, Pocono area
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Old 07-15-2007, 08:30 PM
 
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Default KOZ tax breaks

Does anyone have any info. of KOZ tax breaks. I'm looking inot an apartment for my daughter, they offer these tax breaks, saying that there are state and wage tax exemptions. If the lease is in my name or my husbands, do we get the tax break? Is there income requirements?
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Old 07-16-2007, 04:59 PM
 
Location: Selinsgrove, PA
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If I'm not mistaken, these apply to businesses, and the tax breaks are for the business/employer, not individual people. It's a way to encourage businesses to move into an area - by promising lower taxes for a period of time.
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Old 07-16-2007, 05:08 PM
 
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Quote:
Originally Posted by Dawne View Post
If I'm not mistaken, these apply to businesses, and the tax breaks are for the business/employer, not individual people. It's a way to encourage businesses to move into an area - by promising lower taxes for a period of time.
There is an apartment building that is advertizing these breaks, saying state and local taxes are exempt as well as major purchases for your apartment. It is a new apartment complex that was once abandoned projects.
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Old 07-17-2007, 08:46 AM
 
Location: Selinsgrove, PA
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Thanks for the info. I hadn't heard of any residential in this area. My local experience is that there was a township near me that had an opportunity to put in a KOZ to attract businesses and the township supervisors voted not to allow the KOZ, saying that there was not guarantee the businesses would hire local people. They might bring in their own people from elsewhere. The majority of the locals thought the supervisors were nuts. Even if a company does bring in employees from elsewhere, those employees have to live somewhere, buy their groceries and other things locally, their kids would go to the local schools, etc. It would have helped the economy tremendously and many thought those township supervisors were very short-sighted. So the area where the KOZ was proposed now has one business there and the rest of the land sits there vacant.

Maybe because the new apartment was a project at one time, and to encourage new growth and development in that area, is why the KOZ is being offered to residents.

This is interesting. Keep us posted on how it goes, and whether you find the answers to your questions about tax breaks and income limits, etc.
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