ESI President and Principal Stephen P. Mullin was quoted in the article titled “The Great Disappearing Tax Break“, published by the Philadelphia Business Journal on August 7, 2015. This article pointed out that the Cira Centre, being an economic center in a special tax zone, has benefited its companies and investors for years. Looking back to the history of the KOZ program, it’s apparent that the tax break has attracted numbers of investors and brought a huge profit to the city.
However, investors and companies are now facing a change in the KOZ tax break, which will disappear in 2018. Mullin commented on the positive impact that KOZ has brought to Philadelphia, pointing out that the effect of the program is seen incrementally rather than immediately. He also marked the Cira Centre as a catalytic project, beginning a period of increased private investment in West Philadelphia.
Finally, Mullin reflected that, while the KOZ program was relatively small overall, it really managed to improve the economy of West Philadelphia-a hallmark of how abatements function.
Fore more on Cira Centre, click here.
Fore more on Pennsylvania Keystone Opportunity Zone, click here.