Innovate in Pennsylvania

Innovate in PA
2:41 pm
Thu September 26, 2013

Corbett Launches Innovate in PA

A room full of politicians, entrepreneurs and robots - this was the scene Thursday at the Innovation Works AlphaLab as Governor Tom Corbett announced the launch of Innovate in PA.

With the program, the commonwealth will auction $100 million in deferred tax credits to insurance companies.

These companies will then use the credits to raise funds that will go towards start up technology-related businesses - the Ben Franklin Technology Development Partners, three Life Sciences Greenhouses and the Venture Capital Investment program.

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Economy & Business
3:07 pm
Fri July 12, 2013

PA to Use Tax Credits to Spark High Tech Start Ups

Established, financially successful companies are looking to reduce their tax liability. Nascent tech firms are looking for an infusion of capital to jump start them. A new program that’s included in Pennsylvania’s tax code, signed this week by Gov. Tom Corbett, aims to accomplish both.

“Innovate in Pennsylvania,” sponsored by State Senator John Blake (D-Lackawanna), allows the commonwealth to auction $100 million in tax credits to insurance companies that will then use those credits to trim their tax liability in the future.

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