Tax program offers life science opportunities
Travis McCready
During my first several months as president and CEO of the Massachusetts Life Sciences Center, I've been on a listening tour around the state, including a lot of time spent in Central Massachusetts. This is in part due to my own affection for the region, but also because Central Massachusetts and the MetroWest region are among the fastest-growing regions in the state for our thriving life science industry. A case in point is Marlborough, which has added 6,000 jobs over the past three years, 2/3rds of those in the life sciences from companies like GE Healthcare, Quest Diagnostics and Boston Scientific.
One of the catalysts for this growth has been more than $200 million in investment in the region by the MLSC. These have included:
• Strategic investments in innovation infrastructure – including physical infrastructure (for example the Framingham wastewater project that enabled Genzyme to build a $300-million biomanufacturing plant);
• Major capital investments in research infrastructure (like our $90-million investment in the Sherman Center for advanced therapeutics at UMass Medical School);
• Human capital investments through our Internship Challenge Program, and in our middle schools, high schools, vocational/technical schools, colleges and universities (such as the Biomanufacturing Education and Training Center at Worcester Polytechnic Institute).
Another ingredient in this growth has been targeted, aggressive business development efforts, through collaboration between the MLSC and others looking to grow or expand know that there are multiple regions of the state with the assets and personality to suit their needs.
One of the tools that we have available to support further growth in the region is the MLSC's Job Creation Tax Incentive Program. The seventh round of the program is now open, and applications can be submitted online via www.masslifesciences.com by Feb. 25. The MLSC will seek to leverage the life sciences assets in place around the state. To that end, we are actively encouraging applications from companies of all sizes located outside of Greater Boston, inclusive of Central Massachusetts and MetroWest.
The MLSC offers tax incentives to encourage the growth of companies engaged in life sciences research and development, commercialization and manufacturing. The primary goal of this tax program is to incentivize life sciences companies of all sizes to create new long-term jobs in Massachusetts. Companies receiving incentives must commit to the creation and retention of jobs.
Our Job Creation Tax Incentive Program has encouraged companies to create thousands of new jobs in Massachusetts, and it has played a major role in encouraging many of the global leaders in life sciences, including GE Healthcare, to make significant investments. Through six rounds the center has awards totaling more than $100 million involving companies creating more than 4,500 jobs.
An example of a company that has utilized this program effectively is Framingham-based Boston Heart Diagnostics. Boston Heart has received tax incentives from the MLSC totaling nearly $1.7 million based on a commitment to create 116 new jobs. The company has gone on to add 210 jobs, nearly double its commitment.
Travis McCready is president and CEO of the Massachusetts Life Sciences Center.
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