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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | July 8, 2013 11:19 AM |
|---|---|
| From: | Representative Eli Evankovich |
| To: | All House members |
| Subject: | Refine the Mission of the Ben Franklin Technology Partners |
| In the near future, I plan to introduce legislation to update and refine the mission of the Ben Franklin Technology Partners. The work and success of the companies supported by the Ben Franklin Technology Partners have truly been an asset to the Commonwealth of Pennsylvania since it was created 30 years ago. As Legislators, we often have the opportunity to review and revise programs in order to make them better and more sustainable. Over the last 10 years, including FY 2013-14, the Ben Franklin Technology Fund has received $336.2 million in support from the Taxpayers of Pennsylvania. In the newly passed budget for 2013-14, the Ben Franklin Technology Fund received $14,500,000 to provide a product that has in the past undoubtedly helped to facilitate new market and business development in Pennsylvania. In addition, we authorized $100,000,000 in tax credit incentives for high-tech industries, of which over $70,000,000 would go to the Ben Franklin Partners. My legislation would seek to accomplish one primary task. While the access to capital that is offered to facilitate companies from startup into sustainable, profitable businesses provides those companies with necessary resources, the Ben Franklin Partners should structure their investment strategy in a way that would ensure that those investments provided a longer-term payout and viability within the partnership program. More simply, the Ben Franklin Technology Partners should invest in a way that puts their own organization into a position to grow a valuable portfolio. That portfolio should then benefit from the success of the companies that they invest in so that there will be more sustainable resources available for future investments without relying so heavily on the General Fund. |