Landmark legislation aims to bolster state’s biotech industry, spur job creation
Boston – The House of Representatives today overwhelmingly voted to invest $1 billion in the state’s burgeoning life sciences industry. The economic development package takes a targeted approach to growing high-paying, quality jobs, drawing biotech companies to Massachusetts, and retaining talented scientists and researchers at state institutions.
The 10-year initiative includes $250 million in tax credits for life sciences companies that promise to create jobs in the Commonwealth and $250 million in direct research grants to encourage the best and brightest in the industry to continue research in Massachusetts, and $500 million in capital investments in the industry.
“The life sciences industry has the capacity to produce life-saving results. The investments we have made, to bolster the biotech sector and support the talented scientists and researchers of our state, are investments in the future of healthcare,” said Representative Barbara L’Italien (D-Andover).
House Speaker Salavatore F. DiMasi (D-Boston) said of the historic legislation, “The biotech industry has been a valuable economic engine for our state and the investments we voted for today will fuel that engine. This bill will open the next chapter of economic prosperity in the Commonwealth and keep our state on the forefront of science and technology worldwide.”
“This bill spends our money in an intelligent manner in order to develop the life sciences industry, an important economic driver with the state. The newly created programs will help grow jobs statewide and increase opportunities for all
Massachusetts residents. It is through our reliance on dynamic innovation, such as life science research, that Massachusetts has in the past and will in the future, weather times of economic uncertainty,” said Representative Daniel Bosley (D-North Adams), Chairman of the House Committee on Economic Development and Emerging Technologies.
“Massachusetts is home to the world’s largest super-cluster of life science companies. Other states and countries are going to great lengths to lure these companies away from us. This bill provides us the tools to retain these companies and incentives to attract new life sciences companies to the Commonwealth,” said Representative Michael Rodrigues (D-Westport), House Chairman of the Legislative Biotech Caucus.
Other highlights of the bill include:
• Capital investments in the life sciences industry, including $90 million for the RNAi Center at the University of Massachusetts to promote the work of Professor Craig Mello, the Nobel laureate, $95 million to create a life sciences center at UMass-Amherst and $120 million to establish the Massachusetts Life Sciences Opportunity Relocation and Expansion Jobs Capital Program Trust Fund.
• Direct grants and programs for the industry, such as $40 million for seed money to address federal funding shortfalls for life science research, $30 million to aid post-doctoral and graduate students studying life sciences and the establishment of new grant programs to boost the biotechnology workforce ($25 million).
• Tax incentives for certified $25 million companies per year, including a tax credit toward the purchase of property for life science companies, extending from five- to 15-years the tax exemption for life science companies and additional tax credits for companies located in Economic Opportunity Areas throughout the state.
