The Enterprise Zone Program places a priority on assistance to businesses involved in technology, wholesale, distribution, manufacturing, and industrial export services. Emphasis is also put on firms that provide higher quality employment than typical minimum-wage jobs. Corporations may apply for a 20% tax credit on their state Corporate Net Income Tax for the value of investments to rehabilitate or improve buildings or land located in the Norristown Enterprise Zone. Each year a total of $4 million in tax credits is available for approved projects, not exceeding $250,000 per project per year. Tax credits can be carried forward for five years.
Any business or industry which is subject to one or more of the following Pennsylvania corporate taxes is eligible to apply:
- Corporate Net Income Tax
- Shares Tax
- Mutual Thrift Institutions Tax
- Gross Receipts Tax
- Capital Stock/Franchise Tax