Thursday, February 28, 2008

Mass. House OKs $1B life sciences bill - really

By Ryan McBride

The Massachusetts House of Representatives passed a bill today that would authorize the state to invest $1 billion in its life sciences sector over the next 10 years, according to the State House News Service.

Contrary to published reports that the House passed the bill Wednesday night, the House voted 134-13 in a session Thursday to approve the legislation, after debating the bill late into the night Wednesday.

Passage of the House version of the life sciences bill, first introduced last summer by Gov. Deval Patrick, is a major step toward final approval of the legislation. The bill must next be approved by the state Senate.

The legislation includes a $500 million public bond to pay for capital projects in the life sciences sector, $250 million in research grants, and $250 million in tax incentives for firms in industry that generate jobs in the state.