Reading, PA – The Greater Reading Chamber of Commerce & Industry, the coordinator for the Greater Reading Keystone Innovation Zone (KIZ), is pleased to announce that local company, Continental Tide Defense Systems, Inc. has been awarded tax credits in the amount of $ 82,585 from the Department of Community and Economic Development.
The KIZ Program is designed to support and encourage entrepreneurship in and around Pennsylvania’s colleges and universities by providing young Pennsylvania companies with vital working capital to meet critical needs, including covering capital expenditures, workforce expansion, operational expenses, and making companies more attractive to venture investment. The program provides tax credits for companies that have been in operation for less than eight years, whose gross revenues have increased over the previous year, are located in a Keystone Innovation Zone, and are operating within a targeted industry sector such as information technology or advanced manufacturing/diversified materials.
“It is important that we support our local talent pipeline, and provide tools for young companies’ to transition through the stages of growth and build our entrepreneurial ecosystem,” said Gail Landis, C.P.M. VP of Government & Community Relations at the Chamber.
“Continental Tide Defense Systems (Continental Tide) is extremely appreciative and thrilled to be a recipient of the 2016 tax credit award. The KIZ program provides a tremendous platform for small technology-focused companies to expand and provide innovative solutions to their specific market place,” said Keith M. Reidinger, P.E., President – Continental Tide Defense Systems Inc. Continental Tide reinvests these tax credits in technology improvements, which enables us to create new opportunities for product advancement and employee recruitment within the Greater Reading Area.
For a complete list of approved Keystone Innovation Zone awards or more information about the Keystone Innovation Zone Program, including highlights of past awardees success stories, visit dced.pa.gov.