TLDR:
- A group of state House Republicans in Pennsylvania introduced a package of bills to support and promote startups in the state.
- The bills aim to provide various forms of financial and tax incentives to encourage startup growth.
In a recent announcement, a group of state House Republicans in Pennsylvania introduced a package of bills aimed at supporting and promoting startups across the Commonwealth. The bills, sponsored by Reps. Mike Armanini, Valerie Gaydos, Aaron Bernstine, Marla Brown, and Michael Stender, aim to capitalize on Pennsylvania’s assets and talent pool to position the state as a hot destination for startups. Key elements of the bills include:
- Designating “Commonwealth Startup Week” to highlight startup businesses in Pennsylvania
- Establishing a task force on Startup Venture Opportunities
- Creating a Venture Capital Ecosystem Development Program to provide grants and assistance to universities and organizations
- Providing uncapped and non-expiring operating loss deductions to in-state startups
- Establishing a Student Startup Incubator Network to empower student entrepreneurs
- Implementing a Startup Investment Tax Credit to connect startups with investors
- Increasing the Research and Development Tax Credit to incentivize technology research
- Restoring funding for venture investment by directing a portion of the Fantasy Sports Tax
These bills aim to create a more conducive environment for startups in Pennsylvania, encouraging innovation and economic growth within the state. By providing financial incentives and support programs, the state hopes to attract and retain startups, fostering a thriving ecosystem for entrepreneurial endeavors.
