The City of Philadelphia and Commonwealth of Pennsylvania offer a wide range of financing options and business incentives for companies locating to The Navy Yard.
- Keystone Innovation Zone (KIZ) Tax Credits
The Navy Yard KIZ is an initiative that promotes collaborative technology innovation among academic institutions, economic developers and private industry that supports the growth of technology companies focused on power and energy, advanced manufacturing, communications and IT, nanotechnology, homeland security and life sciences. A KIZ company is eligible to receive up to $100,000 in KIZ tax credits.
Read more »
- Historic Tax Credits
The Navy Yard is a nationally certified historic district on the National Register of Historic Places. As a result, investment tax credits of up to 20% of renovation costs may be available for qualified building restorations.
- Research and Development Tax Credits
Established to assist the growth and development of technology-oriented businesses, particularly small start-up technology companies, R&D tax credits are issued by the Commonwealth of Pennsylvania. Qualifying companies can sell unused R&D tax credits on the open market to help advance and grow the business.
- Keystone Opportunity Improvement Zone (KOIZ) Tax Abatements
Much of The Navy Yard is designated by the Commonwealth and City of Philadelphia as a KOIZ. Qualified companies locating within KOIZ areas are exempt from many state and city business taxes until 2018
Read more »
- Real Estate Tax Abatements
The City of Philadelphia provides ten-year abatement of real estate taxes for new industrial and commercial construction, as well as for improvements to deteriorated properties. The exemption is for the additional assessment attributable to the improvement; it remains in effect for the full ten years, regardless of the sale or exchange of the property.
Financial Incentives & Lending
- Financing Incentives/Direct Lending
On behalf of the city, state and federal governments, PIDC manages numerous loan programs, most of which offer subordinated financing and below-market interest rates. A specific fund, with favorable loan terms, is available for The Navy Yard development. Find out more on the PIDC website »
- Collegiate Consortium for Workforce and Economic Development
The CCWED, located at The Navy Yard, assists businesses with customized workforce training, retraining, retention and skill development programs.