Rabb supports startups in impacted communities with amendment

Rep. Christopher M. Rabb    June 12, 2024 | 4:39 PM

HARRISBURG, June 12 – The Pennsylvania House Finance Committee today approved legislation that would allow tech and bio-tech startups with unused net operating loss carryover to sell the tax benefits for use by other taxpayers subject to the Corporate Net Income tax. The bill passed with an amendment included by state Rep. Chris Rabb that would make sure businesses in impacted communities are explicitly included in opportunities created by this legislation.

Rabb said his amendment improves the legislation while maintaining its scope and ensuring that startup owners who live in impacted communities are affiliated with technology-centered entities and have operations that address clean energy production or provide offerings that relate to energy efficiency or environmental resiliency efforts.

“A lot of start-ups are technology-based firms that can create good, sustainable jobs. We are fortunate to have institutions that support this work; yet, we have brain drain. Our workforce is being pulled into other states because we haven’t fostered an environment that supports them,” Rabb, D-Phila., said. “I am particularly interested in those businesses that have a disproportionate influence on communities that could benefit the most from technologies whose residents have been most harmed by predatory business models.

“We can use good judgment and data to find and support the types of businesses that have the most meaningful and broadest impact on whole communities.”

The bill will now go to the full House floor where it awaits a vote.