Keystone Opportunity Zones
The City of Chester is the only municipality in Delaware County that has been approved by the Pennsylvania Department of Community and Economic Development (DCED) for designation of parts of the City as Keystone Opportunity Zones (KOZ). In order to stimulate investment in underdeveloped or distressed sites, KOZ's are specific parcels that are virtually exempt from all state and local taxes through the year 2013. Eligible entities that invest in a KOZ may be exempt from city, county, and school district real estate taxes, Act 511 taxes including earned income/net profit taxes, business gross receipts taxes, occupancy taxes, and business privilege taxes. In addition, businesses that locate in a Chester KOZ may also be able to claim a credit against their state corporate income tax, capital stock franchise tax, and sales and use taxes.
For more information, visit the state of Pennsylvania's site.