The Pennsylvania Legislature recently passed a 2013-14 general appropriation budget bill that includes a measure to establish the new Innovate PA Tax Credit Program. This program provides a new and predictable source of funding for early-stage venture capital investment through the Ben Franklin Technology Partners, the Venture Investment Program and the Life Sciences Greenhouses. Read more about it here.
Availability of early stage investment capital was identified by the CEO Council for Growth and other key stakeholders as a vital component to the future success of the region and Commonwealth. The Innovate PA Tax Credit is a creative solution and an effective way to raise funds to provide a source of capital to stimulate new and innovative ventures while attracting and growing entrepreneurs who will build sustainable businesses and support economic growth.
