Erie County tech companies get modest boost
(WJET/WFXP/YourErie.com) — Tech companies in Erie County are getting a boost from the Commonwealth.
A total of eight Erie County technology companies will receive a total of $530,714 in tax credits under the Keystone Innovation Zone program.
Governor Tom Wolf has approved funding for local businesses as well as 189 other “early stage” tech companies across the Commonwealth, according to a press release from the office of State Representative Ryan Bizzarro.
“Supporting our tech entrepreneurs here at home and nurturing their growth is critical,” Wolf said. “These tax credits help ease the burden on start-up businesses. In turn, these companies and entrepreneurs will drive Pennsylvania’s thriving tech sector forward. »
Local businesses receiving the credits are Evident Holding Company LLC ($26,087), Institute on Healthcare Directives ($11,370), Makerplace Inc. ($100,000), VelocityNet Video, Inc. ($40,735), Steel Toe Consulting , LLC ($77,005), Whitethorn Digital, LLC ($100,000), Great Lakes Online Media, LCC ($75,517) and Calypso Enterprises ($100,000).
To receive the credits, a business had to be in business for less than 8 years, had to have gross revenues that had increased from the previous year, and had to operate in a specific industry sector.
State Representatives Bizzarro, Pat Harkins and Bob Merski all hailed the tax credits.
“Our region is ideal for entrepreneurs looking to innovate in emerging and changing markets,” said Bizzarro. “Erie County is part of the Keystone Innovations Zone because of the access we have to higher education, the affordability of our area, and the ease of doing business here.”
“Erie’s growing tech industry is diversifying our manufacturing and business sectors and bringing more family jobs to the area,” Harkins said. “But for start-ups, solvency and cash flow can be huge challenges. Today’s tax credits will make it easier for these businesses to grow so they can stay in Erie, build their community bases and expand.
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“It’s exciting to see more and more tech companies locating here in Erie, but we need to make sure we can provide the favorable business climate and incentives they need to survive and thrive here,” said Mersky said. “One way is to reduce state corporate income tax, and another is to provide tax credits like the ones given today that help reduce the burden on young businesses starting up.”