Waltham, MA – The Massachusetts Life Sciences Center announced today that the Center’s Board of Directors has awarded $21.2 million in tax incentives to 28 life sciences companies. The recipient companies have committed to creating more than 940 new jobs in the Commonwealth this year.
The Life Sciences Tax Incentive Program, established in 2008 as part of the state’s ten- year, $1 billion Life Sciences Initiative, authorizes up to $25 million in tax incentives each year for companies engaged in life sciences research and development, commercialization, and manufacturing. The primary goal of the program is to incentivize life sciences companies to create new sustained jobs in Massachusetts.
The Life Sciences Act provides for ten different incentives, which address the significant capital expenditures associated with the life sciences R&D cycle and the high costs of translating research into commercially viable products. This is the third year that incentives have been provided under the program. Twenty-nine (29) companies have active tax incentive awards totaling $38.5 million awarded in 2009 and 2010. Those companies created a total of 1,588 jobs after receiving their tax incentives (1,106 of which were created by the companies under the Program).