SHARE Email Facebook Twitter Economy, Infrastructure, National Issues, Press Release Harrisburg, PA – Today, Governor Tom Wolf announced that his administration has submitted the commonwealth’s allotted 300 census tracts across the state as Qualified Opportunity Zones, as created by the federal Tax Cuts and Jobs Act (TCJA) in December 2017. The U.S. Treasury Department is in the process of developing the Opportunity Zones program, and the IRS is expected to provide further information regarding opportunities for investment in zones in the coming months.“After gathering input from individuals and organizations throughout the state and examining where the areas of need intersect with potential investment, I have submitted nominations for Pennsylvania’s Qualified Opportunity Zones,” Governor Wolf said. “We are hopeful this new incentive will bring much-needed investment to many distressed areas across the commonwealth.”Pennsylvania had 1,197 census tracts eligible for Qualified Opportunity Zone status, and was given the opportunity to designate 25 percent, or a maximum 300 low-income community tracts as zones. The list of nominated tracts, additional data, evaluation criteria, and an interactive map can be found at DCED’s Qualified Opportunity Zones website. Final approval from the Department of Treasury is expected in May.The TCJA created the Qualified Opportunity Zones as a tool for promoting long-term investment in low-income communities. Through this program, investors are provided tax benefits for investing capital gains in low-income community census tracts, as well as certain tracts adjacent to low-income tracts. The new tax incentive is for private investors making private equity investments in funds that will then invest in businesses, real estate, and other ventures in low-income communities. The incentive offers deferral, reduction, and potential elimination of certain federal capital gains taxes.U.S. investors currently hold trillions of dollars in unrealized capital gains in stocks and mutual funds alone, making it a potentially significant untapped resource for economic development. Opportunity funds that invest in Qualified Opportunity Zones provide investors the chance to put that money to work rebuilding the nation’s distressed communities. The fund model will enable a broad array of private equity fund managers and investors to pool their resources, increasing the scale of investments going to under-served areas. Pennsylvania Submits Nominations for Qualified Opportunity Zones to U.S. Department of Treasury April 20, 2018
SHARE Email Facebook Twitter November 08, 2019 Governor Wolf: Forms + Surfaces Expands in Allegheny County, Creating Jobs and Growing Global Footprint Jobs That Pay, Press Release, Workforce Development Harrisburg, PA – Today, Governor Tom Wolf announced that Forms + Surfaces, Inc., a manufacturer of architectural products, will expand its operations in Allegheny County, supporting the combined creation and retention of 346 full-time jobs. The company has pledged to invest $15.65 million into the project, and has committed to create at least 115 new, full-time jobs and retain 231 existing jobs over the next three years.“There is a direct correlation between manufacturing innovation and economic growth,” said Gov. Wolf. “I am proud that the commonwealth has partnered with a growing manufacturer toto bolster economic growth in Allegheny County.”To provide additional space to accommodate growth, the company acquired and will renovate a building in Shaler Township, which will allow the company to consolidate its existing facilities and create a more efficient operation and cost savings from eliminating the need to transfer goods and products between multiple locations.“Forms + Surfaces has had a long presence in Western Pennsylvania, and for many years we have been looking for the right location to establish a long-term headquarters that is able to sustain the tremendous growth we have experienced,” said Forms + Surfaces Vice President for Resources and Business Development Jason Norris. We are very excited for this opportunity to not only solidify our presence in this region but also expand and establish a first-rate manufacturing facility. To this end, we are extremely excited to work with the Governor’s Action Team to help us with this expansion project which will lead to continued growth and the creation of jobs for this region.”The company received a funding proposal from the Department of Community and Economic Development for the project. The proposal includes a $287,500 Pennsylvania First grant, $115,000 in Job Creation Tax Credits to be distributed upon creation of the new jobs, and a $69,900 workforce development grant to help the company train workforce workers. The company was also encouraged to apply for a $2 million loan through the Pennsylvania Industrial Development Authority (PIDA). The project was coordinated by the Governor’s Action Team, an experienced group of economic development professionals who report directly to the governor and work with businesses that are considering locating or expanding in Pennsylvania.Forms + Surfaces manufactures a wide range of architectural and public space products—such as monumental lighting fixtures, icons, and fabricated structures, public furniture, directories and kiosks, building entrances and facades, and signage and environmental graphics—which are sold in municipal, public transit, construction, commercial, and institutional markets.For more information about the Governor’s Action Team or DCED, visit dced.pa.gov.