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As part of the Fiscal Year 2026–27 state budget, Pennsylvania launched the Innovate in PA 2.0 Tax Credit, authorized at $125 million over the remainder of the decade to support early-stage ventures. Funded through the state's sale of Insurance Premium Tax Credits to insurance companies, the program directs grants to startups in life sciences, biotechnology, advanced manufacturing, and regional venture studios.
The initiative reflects the administration's ongoing strategy to leverage state tax credits to boost business growth, job creation, and workforce development partnerships across high-tech sectors.
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