As the co-prime sponsor of the original version that became part of Act 52 of 2013, I intend to introduce legislation to restart the Innovate in PA program as Innovate in PA 2.0.
 
The original Innovate in PA program authorized the sale of $100 million in Insurance Premium Tax Credits at a reduced rate to generate immediate capital to invest in the Commonwealth’s biotech/life sciences. Taxpayers who purchased the credits then applied them to their insurance premium’s tax liability in future years. This highly successful program generated approximately $85 million for the biotech industry.

My proposed Innovate PA 2.0 will operate as the original program did, but increasing the amount of deferred insurance premium tax credits for sale to $350 million. The sale of tax credits would not occur before October 1, 2026, and tax credits would not be redeemable until 2030. The total amount of tax credits applied against insurance premium tax in a fiscal year would be capped at $70 million per year beginning in calendar year 2030.

Like the original program, funds generated from the tax credit sale will be invested in programs that will support the Commonwealth’s biotechnology and life sciences industry, securing Pennsylvania’s place as a leader in these fields.
 
Please join me in co-sponsoring this legislation to restart this proven, successful program to invest in the Commonwealth’s biotechnology and life sciences industry.