Amidst the flurry of actions in Harrisburg as the fiscal year came to a close, legislation creating Innovate in PA was passed by both legislative bodies and signed, yesterday, by Governor Corbett. Innovate in PA is an initiative that was led, in our region, by a partnership between the Ben Franklin Technology Partners of Southeastern PA and the Greater Philadelphia Alliance for Capital and Technologies (PACT), with the goal of increasing investment capital for emerging and early stage technology enterprises.
The Innovate in PA tax credit program provides tax credits for insurance companies whose bids for those credits are expected to net at least $75 million to address the seed capital needs of start-up companies and small businesses that are growing and expanding in Pennsylvania and will facilitate job growth, new patents and products, and increased tax revenues for the Commonwealth. The proceeds from the sale of the credits will be distributed through the Ben Franklin Technology Partners, the Ben Franklin Technology Development Authority’s Venture Investment Program and the Life Sciences Greenhouses.
To read the full, original article click on this link: “Innovate in PA” Tax Credit Program Will Propel Pennsylvania’s Innovation Economy | Ben Franklin SEP
