Waltham, MA – The Massachusetts Life Sciences Center (MLSC) announced that applications are now being accepted for a new round of the Job Creation Tax Incentive Program.
The program offers tax incentives to encourage the growth of companies engaged in life sciences research and development, commercialization, and manufacturing in Massachusetts.
Through this year’s program, the MLSC will seek to leverage the life sciences assets that are now in place around the state and promote growth throughout Massachusetts. Toward that end, the agency is actively encouraging applications from companies located outside of Greater Boston.
“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 some of the global leaders in life sciences, such as GE Healthcare, Shire, and Baxalta, to make significant investments in new or expanded facilities here,” said Travis McCready, president & CEO of MLSC.
All applications are due by noon on Feb. 25 and can be submitted online via the center’s website at www.masslifesciences.com. Information sessions for potential applicants will be held in the coming weeks in various locations around the state. Dates and locations also are listed on the website.
The program addresses the significant capital associated with the life sciences R&D cycle and the high costs of translating research into commercially viable products. To qualify, companies must receive certification from the MLSC and must demonstrate both the scientific and economic merit of their expansion plans. The primary goal of the 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 a specific number of net new jobs for a five-year period.
This will be the seventh round of the program. As of June 30, 2015 the program had resulted in combined net new hire commitments or creation of more than 4,500 jobs among active and completed awards.
In 2010 LeMaitre Vascular in Burlington received tax incentives from the MLSC, committing to create 19 jobs. Five years later, the company had gone on to add 70 jobs. George W. LeMaitre, chairman, & CEO, said “The incentives received from the Massachusetts Life Sciences Center helped fund our growth through acquisitions and product development, adding significant employment to the area.” Over this time the company has expanded from one to three facilities.
MLSC is an investment agency that supports life sciences innovation, research, development and commercialization. The Center is charged with implementing a 10-year, $1-billion, state-funded investment initiative. These investments create jobs and support advances that improve health and well-being. The MLSC offers the nation’s most comprehensive set of incentives and collaborative programs targeted to the life sciences ecosystem. These programs propel the growth that has made Massachusetts the global leader in life sciences. The MLSC creates new models for collaboration and partners with organizations, both public and private, around the world to promote innovation in the life sciences.
For more information visit the Center’s website at www.masslifesciences.com