Pennsylvania DCED Announces Next Phase of Innovate in PA Tax Credit Program

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Pennsylvania Department of Community & Economic Development

Nov 12, 2013, 01:00 ET

HARRISBURG, Pa., Nov. 12, 2013 /PRNewswire-USNewswire/ -- Department of Community and Economic Development Secretary C. Alan Walker today announced the Innovate in PA program has moved forward with solicitation of proposals from financial services companies to sell tax credits; raising funds to support entrepreneurs and start-up businesses.

"The Corbett Administration continues to press forward to implement the Innovate in PA program to help launch new, innovative companies and accelerate high-wage job growth," said Walker. "The open process of obtaining proposals to secure funds will ensure quality implementation and maximum effectiveness while providing a solid foundation for the program to grow and thrive."

The Department of Community and Economic Development (DCED) has begun soliciting proposals from financial services companies to sell up to $100 million of deferred insurance premium tax credits, offered to insurance companies in the state to raise funds over multiple years. The funds raised will be directed to the highly successful Ben Franklin Technology Partners, three Life Sciences Greenhouses and the Venture Capital investment program.

Vendors who intend to submit proposals will need to prequalify through the Department of General Services' Invitation to Qualify (ITQ) under the category Financial Services – Tax Credit Brokering & Sales. Qualified vendors will be professional financial consultants with a minimum of three years of experience brokering, auctioning or selling tax credits, or other related public financial products.

Signed into law by the governor earlier this year, Innovate in PA is projected to support more than 5,000 direct and indirect jobs in the technology industry and more than double the return-on-investment back to the state. For every dollar invested in early-stage businesses through Innovate in PA, it is projected that $2.37 will be returned to the state in additional tax revenue.

To begin the prequalification process visit: www.portal.state.pa.us/portal/server.pt/community/supplier_service_center/5104.

Media contact: Lyndsay Frank, DCED; 717-783-1132

SOURCE Pennsylvania Department of Community & Economic Development