The Keystone Opportunity Zone Extensions (KOZ) was developed to increase investment in underdeveloped or distressed areas. KOZ’s allow those people investing in such properties to be exempt from all state and local taxes. This may include city, county, and school district real estate, ct 511 taxes including earned income/net profit taxes business gross receipts taxes, occupancy taxes, and business privilege taxes for up to seven years. Those investors who locate in a KOZ of Chester might be able to claim state corporation income tax, capitol stock franchise tax, and sales and use tax. This program aims to better the city of Chester and its surrounding areas creating a great place to live, work and play.
For more information please refer to the CEDA website.
The City of Chester has adopted a provision under the Local Economic Revitalization Tax Assistance Act (LERTA) to encourage the revitalization of deteriorated properties in portions of the City of Chester. Under the LERTA program, a company interested in expanding or constructing a new facility can defer the increase in real estate taxes on the value of the improvements over a period of ten (10) years. Under the program, real estate taxes on the improvements are phased in at a rate of ten percent (10%) per year until the full assessment is reached in year ten (10). An application must be submitted to the Office of the City Tax Assessor within fifteen (15) days from the time a building permit is issued.