Section 1610-H.2. Innovate in PA 2.0 Program.
(a) Establishment.--The Innovate in PA 2.0 Program is established within the department.
(b) Fund.--The Innovate in PA 2.0 Fund is established as a restricted account in the State Treasury. The net proceeds received by the department as a result of the sale of tax credits under section 1604-H.2(a) shall be deposited into the fund.
(c) Program purposes.--The department shall administer the program to distribute money from the fund for the following purposes:
(1) A transfer of funds to recapitalize the development authority venture funds which invest in venture funds that support innovation as companies scale and bring new technologies to market.
(2) In the form of grants to address regional and Statewide gaps in the life sciences and biotechnology industries for startup and small to mid-size businesses, as determined by the department.
(3) In the form of grants to support partnerships between biotechnology and life science companies, training providers and educational institutions that provide secondary school educational opportunities to prepare students from all backgrounds, including those historically underrepresented or from economically disadvantaged communities, for careers in the biotechnology or life sciences sectors.
(4) In the form of grants to seed and scale regional venture studios aligned with university research and regional economic strengths, with an emphasis in rural and economically disadvantaged areas as defined by the department.
(5) In the form of grants to develop and expand programs within the department to leverage Federal funding opportunities and technological innovations for the Commonwealth's research universities, workforce and technology startups.
(1610-H.2 added July 12, 2026, P.L.265, No.21)