North Central PA Times

In Harrisburg, a group of Pennsylvania state House Republicans has introduced a series of bills aimed at bolstering startup initiatives throughout the state. Announced on Wednesday, the legislation seeks to leverage Pennsylvania's strengths, including its workforce and strategic location, to prevent losing opportunities to regions like Silicon Valley and New York.

The legislative package includes eight bills sponsored by State Representatives Mike Armanini, Valerie Gaydos, Aaron Bernstine, Marla Brown, and Michael Stender. Armanini's contributions to the package focus on fostering a supportive environment for startups in Pennsylvania. He proposed designating March 18-24 as "Commonwealth Startup Week" to spotlight startup businesses in the state. Furthermore, he suggested the formation of a task force to accelerate the growth of startup ventures and another initiative to provide grants and technical assistance through a Venture Capital Ecosystem Development Program.

Armanini highlighted the current challenges faced by Pennsylvania's economic structure: "Pennsylvania’s economy and way of doing business can often be compared to a slow-moving vessel, which takes forever to ‘turn’ and travel with the wind in its sails.” He emphasized the need for a balanced approach between erratic growth methods and the existing overly cautious strategies.

Valerie Gaydos introduced legislation to support startups by offering uncapped and non-expiring operating loss deductions. This move is designed to ease the financial burden for new businesses with significant upfront investments. Gaydos stated, “New business creation is a large part of building our future. The more we can do to fuel innovation and innovative companies, the better our futures will be.”

Aaron Bernstine focused on nurturing young entrepreneurial talent with his proposal for a Student Startup Incubator Network. This initiative aims to inspire student entrepreneurs to build their companies in Pennsylvania. Bernstine remarked, “We need to ensure we are providing ample opportunity for young entrepreneurs to start and grow their business right here in the Commonwealth.”

Marla Brown is working on establishing a Startup Investment Tax Credit to link startups with early-stage investors. Additionally, she aims to strengthen the Research and Development Tax Credit, enhancing support for tech research with a proposed $12 million investment increase. Brown reiterated the critical nature of early-stage investment, “Early investment into startup businesses is critical to their initial success.”

Michael Stender's bill seeks to reinstate the state's funding for venture investments to align with the technology sector's significance. This would be partially funded by redirecting Fantasy Sports Tax revenue. Stender affirmed the necessity of investing in startups: “Pennsylvania is home to many early-stage startups that drive our local and state economy, and we must continue to provide funding to these high-impact ventures.”

The legislators are unified in their efforts to create a thriving ecosystem for startups, with the broader aim of positioning Pennsylvania as a competitive player in the national innovation landscape.