According to the Philadelphia Business Journal, Pennsylvania Gov. Tom Corbett has signed off on the creation of a new program, InnovatePA, which will auction off $100 million in tax credits to generate state revenue that will be invested in the funding of tech and biotech startups.
The state auction will sell off deferred insurance-premium tax credits to insurance companies that pay Pennsylvania's insurance-premium tax. The sale is expected to generate at least $75 million in funds, with credits not being sold below 70 percent of their face value.
To read the original article: SSTI - SSTI Weekly Digest
