Tuesday, November 25, 2008

MLSC unveils Life Sciences Tax Incentive Program draft application

By Marc Songini

This week, the Massachusetts Life Sciences Center (MLSC) released a draft application for those life sciences companies seeking the requisite certification to participate in the state’s Life Sciences Tax Incentive Program. The program, created by legislation this past summer, offers $25 million a year over 10 years in tax breaks to qualified life sciences firms. 

The tax incentive program, part of a $1 billion stimulus package authorized by the Massachusetts Life Sciences Act, goes live this January. Companies in all phases of growth are eligible for the nine different available incentives, according to the MLSC.

It’s the MLSC’s task to oversee which companies are eligible to receive the breaks. To that end, the MLSC has posted the draft certification and tax incentive application guidelines online. Companies must meet the criteria to be certified before they can request grants, investments, or tax incentives offered through the terms of the Life Sciences Act.

The MLSC will finalize the guidelines by mid-December for implementation on January 2, stated Angus McQuilken, spokesman for the center, via -email. The public is welcome to offer input, he said.

The information is posted at www.masslifesciences.com. The MSLC intends to process the applications online, as well.

Because of dwindling tax revenues, part of the MLSC’s funding for investments is being cut by $10 million.  However, that reduction won’t affect the tax incentive program.