Gov. Tom Corbett on Monday signed Senate Bill 1237, which expands the state's Keystone Opportunity Zone initiative through the creation of up to 15 new zones, according to state Sen. Dominic Pileggi's office.

They are known as Keystone Opportunity Expansion Zones, according to a news release from Pileggi, the state Senate's majority leader and author of the legislation.

Applications for the new zones would then come through the normal process in which local governments and economic development corporations apply to DCED to form a KOZ, department spokesman Steve Kratz said.

Businesses within the area then would have to apply for the tax benefits, he said. The last time state government approved an amendment to the program's enabling legislation to make new zones was 2008, Kratz said.

As with existing KOZs, tax benefits would be available for 10 years and all new zones must be approved by local governments and school boards, according to the release from Pileggi's office.

But for businesses investing at least $1 billion and creating at least 400 jobs within seven years, the benefits would grow to 15 years, the release stated.