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PA SB1175
Bill
Status
3/18/2026
Primary Sponsor
Vincent Hughes
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AI Summary
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Authorizes the Department of Revenue to sell up to $350,000,000 in additional tax credits to qualified taxpayers beginning October 1, 2026, with credits claimable starting in calendar year 2030 against insurance premiums tax liability
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Caps annual tax credit usage at $70,000,000 per year beginning in 2030, with credits carrying over until December 31, 2034
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Requires the bidding process to yield at least $200,000,000 in revenue before any new tax credits can be sold
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Distributes net proceeds from tax credit sales to support life sciences and biotechnology: 40% to Commonwealth Financing Authority for lab space and incubator construction, 25% to Venture Investment Program, 10% to workforce development programs, 10% to regional biotechnology research centers, 8% to life science researcher recruitment, and 7% to Ben Franklin Technology Partners
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Requires annual reporting to the Governor and legislative appropriations committees on program implementation, including jobs created, jobs retained, investment details, and program participation numbers
Legislative Description
In Innovate in PA Tax Credit, further providing for legislative intent, for definitions, for duties, for use of tax credits by qualified taxpayers, for sale, carryover and carryback, for sale of tax credits to qualified taxpayers, for Innovate in PA Program, for guidelines and for report and providing for second distribution report.
Last Action
Referred to Finance
3/18/2026