MA Governor Announces $500-Million Investment in Life-Science Industry

On June 19, 2017, Massachusetts governor Charlie Baker announced a plan to invest up to $500 million in the state’s life-science industry. The five-year plan proposes strategic investments in public infrastructure, R&D, workforce training and education, and includes up to $295 million in capital authorization and up to $150 million job-creating tax incentives. The funding will be managed by the Massachusetts Life Sciences Center (MLSC) and Baker will further discuss the plan during the BIO International Convention in San Diego, CA.  

According to a statement, the five-year, $295-million bond authorization in the proposal would provide capital funding that will enable the state to strengthen the ecosystem through collaborations that maximize third-party investments and sharpen MA’s competitive edge.

In addition to seeking new capital authorization for the MLSC, the administration’s legislative proposal also extends and expands the authorization of a key state tax credit that finances job growth. The proposal would permit the MLSC to award tax incentives for an additional 10 years and increases the MLSC’s current annual statutory cap up to $30 million on tax credit awards.

“This proposal will build upon previous investment by the Baker-Polito Administration that has propelled Massachusetts to the top of so many national lists including innovation, growth potential, and R&D investment,” said Executive Office of Housing and Economic Development Secretary, Jay Ash in a statement. “It will also allow the state to remain competitive, enhance workforce training opportunities, leverage tax incentives to encourage new job creation, and launch infrastructure projects that will reinforce the global competitiveness of R&D centers and the development of a robust biomanufacturing sector.”

Source: Governor Charlie Baker