An Act amending the act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971, in Innovate in PA Tax Credit, further providing for legislative intent, for definitions, for duties, for use of tax credits by qualified taxpayers, for sale, carryover and carryback, for sale of tax credits to qualified taxpayers, for Innovate in PA Program, for guidelines and for report and providing for second distribution report.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill, the Innovate in PA Tax Credit Act, amends existing tax law to establish a program designed to encourage investment in Pennsylvania’s life sciences industry. It creates a mechanism for the state to sell tax credits to qualified taxpayers and distribute the proceeds to various entities, including the Ben Franklin Technology Development Authority, regional biotechnology centers, and workforce development programs. The bill also outlines guidelines for the program, including a second distribution report requirement, and establishes specific criteria for how funds are allocated to support innovation and job creation in the life sciences sector.
Key provisions
- Establishes the Innovate in PA Tax Credit program to incentivize investment in the life sciences industry.
- Allows the Department of Revenue to sell up to $350 million in tax credits to qualified taxpayers.
- Directs proceeds from tax credit sales to support grants and loans for commercial lab space, research, and workforce development.
- Specifies how funds should be distributed among the Commonwealth Financing Authority, regional biotechnology centers, and the Department of Labor and Industry.
- Requires a second distribution report to track the program's impact on job creation and investment.
- Defines ‘recipient’ as an entity receiving funds from the tax credit program.
- Establishes limitations on the amount of tax credits that can be applied against insurance premiums tax liability.
- Sets forth timelines for the sale and use of tax credits.
Bill text
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Document of record
- Version
- Pn 1516 Html
- Published
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Sponsors
Official sponsors from legislative records.
9 on record
Primary sponsor
Cosponsors
Christine Tartaglione
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