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Find similar grantsInnovate in PA 2.0 Tax Credits is sponsored by Commonwealth of Pennsylvania. This program provides tax credits to invest in Pennsylvania's biotechnology and life sciences industries, aiming to grow and attract high-quality in-state jobs.
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Innovate in PA Program - PA Department of Community & Economic Development Established by Act 52 in 2013 , enables the Department of Community & Economic Development to sell up to $100 million of insurance premium tax credits to qualified insurance companies and deploy the revenues generated by the sale to the Department’s strategic partners including the four regional Ben Franklin Technology Partners, the state’s three Life Sciences Greenhouses and the Ben Franklin Technology Development Authority’s (BFTDA) Venture Investment Program.
By using the proceeds of the sale of the insurance premium tax credits, the Department’s Office of Technology & Innovation will deploy much needed capital to Pennsylvania’s technology-enabled businesses using the aforementioned strategic partners and the Venture Investment Program. The Venture Investment Program provides a loan to qualified venture capital firms who make investments in Pennsylvania companies.
Learn more about the Innovate in PA Frequently Asked Questions . Capital Generated Through the Program On July 15, 2015, Atex Petros, a third party broker secured by the Department, conducted the sale of $100 million of deferred insurance premium tax credits (tax credits) to 29 qualified buyers. A qualified buyer is an insurance company that is authorized to do business in Pennsylvania.
The tax credits were sold for 87 cents on the dollar. The Department received the first of six payments on July 15, 2015 in the amount of $12,949,105. 30.
Subsequent payments will be made in accordance with a previously determined payment schedule. The total amount to be received at the Department and subsequently deployed to the legislatively mandated partners and/or the Venture Investment Program is $85,449,105. 30.
To learn more about each of the programs that will distribute these funds and see if you’re eligible to apply, visit the program pages below: Ben Franklin Technology Partners Venture Investment Program
According to the current listing, eligibility includes: Companies in the biotechnology and life sciences industries in Pennsylvania. Confirm the full requirements in the official notice before applying.
The current listing shows $125 million total allocated. Verify award ceilings, matching requirements, and allowable costs in the official notice.
Innovate in PA 2.0 Tax Credits is funded by Commonwealth of Pennsylvania. Verify program details on the funder's official page before applying.
This opportunity targets applicants in Pennsylvania. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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