Baker-Polito Administration Announces Job Creation Incentives for
23 Massachusetts Life Sciences Companies
Incentives will create over 1,000 new life science jobs throughout
Massachusetts, with a focus on small and medium sized companies
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| 麻州州長查理貝克在BIO 2018大會中宣佈撥發稅款優惠 2000萬元，獎助23家生命科學公司創造1100個就業機會。 (周菊子攝) |
BOSTON – Today, the Baker-Polito Administration
announced nearly $20 million in tax incentive awards to 23 life sciences
companies. The awards were approved by the Board of Directors of the
Massachusetts Life Sciences Center (MLSC), and will create over 1,100 new jobs
across the Commonwealth in 2018. The tax incentive awards will support life
sciences job growth in 18 different Massachusetts communities, the majority of
which are located or expanding outside of Boston and Cambridge.
Governor Charlie Baker announced
the awards in his remarks at the BIO 2018 International Convention, an annual meeting that convenes
16,000 participants representing the breadth of the life sciences and
application areas including drug discovery, biomanufacturing, genomics,
biofuels, nanotechnology and cell therapy.
“Our administration is committed to supporting
strategic investments to create more jobs and continue to improve
Massachusetts’ overall position as a global leader in the life sciences,” said
Governor Charlie Baker. “We look forward to working with the
Legislature, MLSC and stakeholders to pass our bill to provide up to $500
million over five years for strategic investments in public infrastructure,
research and development, workforce training and education.”
“We are proud Massachusetts continues
to be the world’s leading ecosystem for successful life science
companies,” said Lieutenant Governor Karyn Polito. “These awards
support our economic development strategy, and we are pleased to see the number
of life sciences companies continue to grow across the Commonwealth, expanding
the reach of our innovation economy to new cities and towns.”
For the 2018 round, MLSC focused on
leveraging diverse life sciences assets across the state to encourage growth
more equitably throughout Massachusetts. Small and medium sized enterprises and
companies located or expanding outside of Boston and Cambridge were actively
encouraged to apply to the tax incentive program.
“The Massachusetts Life Sciences
Center is an important partner in our work to support the growth of
Massachusetts economy,” said Housing and Economic Development Secretary
Jay Ash. “Along with today’s awards, we are working together to ensure
our students have the skills necessary to join the industry, deepen the pool of
talent in demand by life sciences companies and ensure Massachusetts remains a
great place for companies to grow and people to live and thrive.”
“The tax incentive program continues
to serve as an example of the Baker-Polito Administration’s commitment to job
creation throughout Massachusetts,” said Administration and Finance
Secretary Michael J. Heffernan. “These tax incentives serve as a
critical catalyst for innovation and growth in this important sector of the
Massachusetts economy.”
“Through this program we are
fulfilling our commitment to supporting an ecosystem that fuels job growth,
promotes innovation within the industry, and provides a constant stimulant for
research and development, manufacturing, and commercialization in the life
sciences,” said Travis McCready, president and chief executive officer
of the Massachusetts Life Sciences Center. “Moreover, we are incentivizing
both home grown and global companies to expand their footprint in our state.”
The Life Sciences Tax Incentive
Program authorizes tax incentives each year for growing companies engaged in
life sciences research and development, commercialization and manufacturing.
The primary goal of the program is to incentivize life sciences companies of
all sizes to create new, long-term jobs in Massachusetts.
Through previous award rounds, there
are 126 active or completed awards, totaling more than $116 million in tax
incentives. Prior awardees have created more than 5,700 new jobs since
receiving tax incentives.
“We are pleased to be recognized by
the Commonwealth for the ongoing growth of our workforce here, and this year we
will continue to expand both our physical footprint and the types of roles we
will bring into the organization with the opening of our new clinical
development manufacturing plant in Norwood,” said Annie Drapeau, chief
human resources officer at Moderna Therapeutics. “Massachusetts and
the companies based here continue to attract the very best talent in our
industry, and we are excited to be a part of this thriving life sciences
community.”
“Berkshire Sterile Manufacturing
appreciates the tax incentive award from the Massachusetts Life Sciences Center
as it allows us to continue to grow and expand in Massachusetts,” said
Shawn Kinney, PhD, president of Berkshire Sterile Manufacturing, Inc. “We
continue to add high paying jobs in part from the assistance that we receive
from MLSC. Last year we doubled in size and look forward to more growth
this coming year.”
“We are thankful to receive the tax
incentive award from the Massachusetts Life Sciences Center,” said
Ankit Mahadevia, M.D., chief executive officer of Spero
Therapeutics. “The award will assist us as we hire additional
employees within the local biotech community in Boston to support our mission
of bringing novel anti-infective therapies for current and emerging
drug-resistant infections to patients.”
In June 2017, the Baker-Polito
Administration filed a legislative proposal to bolster Massachusetts’
leadership in the life sciences sector, which would provide up to
$500 million over five years for strategic investments in public
infrastructure, research and development, and workforce training and education,
including up to $295 million in capital authorization and up to $150 million in
job-creating tax incentives. The funding will continue to be managed by the
MLSC, which is co-chaired by Housing and Economic Development Secretary Jay Ash
and Administration and Finance Secretary Michael J. Heffernan.
The Tax Incentive Program is jointly
administered by the MLSC and the Massachusetts Department of Revenue (DOR),
which oversees the technical administration of the incentives. Jobs that are
created must be maintained for at least five years. The Tax Incentive Program
mandates that awarded companies submit reports and respond to inquiries by the
MLSC and DOR regarding employment figures. If a company receiving a tax
incentive under the program does not meet and maintain their minimum threshold
for job creation, the credit can be recovered by DOR, requiring that the
company pay back all or a portion of the tax incentives they’ve received.
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