Section 1602-H.2. Definitions.
The following words and phrases when used in this article shall have the meanings given to them in this section unless the context clearly indicates otherwise:
"Capital." The amount of money that a purchaser invests under the Innovate in PA 2.0 Program.
"Department." The Department of Community and Economic Development of the Commonwealth.
"Development authority." The Ben Franklin Technology Development Authority created under section 3 of the act of June 22, 2001 (P.L.569, No.38), known as The Ben Franklin Technology Development Authority Act.
"Fund." The Innovate in PA 2.0 Fund.
"Insurance premiums tax liability." Any liability incurred by an insurance company under Article IX of the Tax Reform Code of 1971.
"Program." The Innovate in PA 2.0 Program.
"Qualified taxpayer." Any of the following that have insurance premiums tax liability and contribute capital to purchase premiums tax credits under this article:
(1) An insurance company authorized to do business in this Commonwealth.
(2) A holding company that has at least one insurance company subsidiary authorized to do business in this Commonwealth.
"Recipient." An entity that receives a distribution of funds under section 1610-H.2(c).
"Tax credit." A credit against insurance premiums tax liability offered to or held by a qualified taxpayer under this article.
"Tax Reform Code of 1971." The act of March 4, 1971 (P.L.6, No.2), known as the Tax Reform Code of 1971.
(1602-H.2 added July 12, 2026, P.L.265, No.21)