Lawmakers unveiled bipartisan legislation this week to encourage investment in Pennsylvania’s high-tech industries, promote entrepreneurship and create jobs, reports State Rep. Jim Cox (R-129).
Known as the Innovate Pennsylvania Program, House Bill 2633 establishes a program to raise funds for investment in the high-tech sector through the Ben Franklin Technology Development Authority (BFTDA) and the Commonwealth Life Science Greenhouses.
Why worry about selling to the market when you can sell to a politician?
The program will provide funding for investments by auctioning off deferred insurance premium tax credits at a reduced rate to insurance companies that pay tax in the Commonwealth.
Why don’t they do that to give a tax cut to the citizens? Or pay off some of our crushing debt which would lower the tax-funded interest payments? Or just forget all that and cut the insurance tax which will cut insurance rates for those in this state?
The capital will then be used to make investments in Pennsylvania-based, high-growth, technology-oriented businesses through life science business incubators and the BFTDA that oversees the regional Ben Franklin Partners.
IOW, it will give money to people who know politicians.
Neighboring states of New York, Ohio, New Jersey and Maryland already have programs to encourage investment in high-tech industries.
And look how they are booming. Pennsylvania might actually be doing the best of this particularly sorry lot. Thank you, frackers.
This will happen immediately after our solons pass term limits, and school vouchers.