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§ 8811-F. Innovate in PA Program

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: September 9, 2013

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 5. Tax Reform Code of 1971 (Refs & Annos)
Article XVIII-F. Innovate in PA Tax Credit (Refs & Annos)
Effective: September 9, 2013
72 P.S. § 8811-F
§ 8811-F. Innovate in PA Program
Currentness
(a) Establishment.--The Innovate in PA Program is established within the authority.
(b) Fund.--The authority shall have the power and duty to establish the Innovate in PA Fund within this authority.
(c) Distribution.--The department shall distribute the net proceeds received by the department as a result of the sale of tax credits under section 1805-F(a)1 as follows:
(1) Fifty percent shall be distributed to the Ben Franklin Technology Partners Program for use according to program guidelines.
(2) Forty-five percent shall be distributed to the Venture Investment Program for use according to program guidelines, including traditional venture investments or impact investments. The authority may consider impact investments based on performance. Impact investments may not exceed 15% of the Venture Investment Program distribution under this paragraph.
(3) Five percent to the three regional biotechnology research centers for distribution in equal proportions to each regional biotechnology research center.

Credits

1971, March 4, P.L. 6, No. 2, art. XVIII-F, § 1811-F, added 2013, July 9, P.L. 270, No. 52, § 32, effective in 60 days [Sept. 9, 2013].

Footnotes

1
72 P.S. § 8805-F.
72 P.S. § 8811-F, PA ST 72 P.S. § 8811-F
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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