The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Allocation amount.” The total amount of tax credits purchased by a qualified taxpayer.

“Authority.” The Ben Franklin Technology Development Authority established to manage and fund programs in this Commonwealth that support the development of technology as described in the act of June 22, 2001 (P.L. 569, No. 38),¹ known as The Ben Franklin Technology Development Authority Act.

“Ben Franklin Technology Partners Program.” A program under the Ben Franklin Technology Development Authority that funds four regionally based economic development organizations dedicated to a common mission of technology commercialization.

“Capital.” The amount of money that a purchaser invests under the Innovate in PA Program.

“Department.” The Department of Community and Economic Development of the Commonwealth.

“Fund.” The Innovate in PA Fund.

“Impact investment.” An investment intended to solve social or environmental challenges while generating financial profit. Impact investing recognizes that investments have social and environmental returns in addition to financial returns and attempts to maximize the three returns rather than one at the expense of others.

“Insurance premiums tax liability.” Any liability incurred by an insurance company under Article IX.²

“Program.” The Innovate in PA Program.

“Qualified taxpayer.” Any of the following that has insurance premiums tax liability and contributes capital to purchase premiums tax credits under this article:

“Recipient.” An entity that receives a distribution of funds under section 1811-F(c).³

“Regional biotechnology research center.” A regional biotechnology research center established under Chapter 17 of the act of June 26, 2001 (P.L. 755, No. 77),⁴ known as the Tobacco Settlement Act.

“Tax credit.” A credit against insurance premiums tax liability offered to or held by a qualified taxpayer under this article.

“Venture Investment Program.” A program under the Ben Franklin Technology Development Authority dedicated to increasing the availability of venture capital in this Commonwealth.