Keystone Innovation Zones are at the heart of the plan. Patterned after the highly successful Keystone Opportunity Zones, KIZs are geographically designated areas in which partnerships are formed among institutions of higher education, private businesses, lenders, and development organizations to establish specific goals and benchmarks for development and also identify leveraged resources. KIZs can also apply for KOZ status, which provides Significant, long-term tax benefits to the KIZ lenders.

There is no limit to the number of KIZs that can be created, but they must be established within three years of the commencement of the program.

Rendell's "plan for a new Pennsylvania" also proposes an expansion of the state's research and development tax credit, currently at $15 million, to $60 million. This enables eligible companies to reduce their corporate net income tax, capital stock and franchise tax, and personal income tax liability by taking a tax credit.

Under Rendell's proposal, companies that increase their investment in R&D can reduce their taxes by up to 75%, versus the current 50%-maximum.

Furthermore, the plan calls for a "set-aside" of from $3 million to $12 million for small, startup companies that do not turn a profit in their beginning years, automatically precluding them from taking advantage of the R&D tax credit. The set-aside allows them to sell the tax credits they cannot yet use, freeing up capital to increase their opportunity to succeed expand rapidly.

The governor's office projects that the overall plan will bring more than $180 million in new R&D business to the state.

Local promoters believe Philadelphia's many colleges and universities position it to grab a large share of the total, and real estate executives in particular see increased opportunity to accelerate office, as well as multifamily and retail support properties, already advancing around University City. They believe the plan would give the city an edge over NY, NJ and DE, which compete aggressively for tech-company business.