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Print Edition StoriesFriday, November 28, 2008
Policy Tracker
MLSC posts draft of tax incentive application on its website
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The Massachusetts Life Sciences Center this week released a draft application for company certification and participation in the Life Sciences Tax Incentive Program. Under the Massachusetts Life Sciences Act, the center is authorized to offer a combination of nine tax incentives totaling $250 million over 10 years to certified life sciences companies, part of a $1 billion package of investments and incentives designed to foster growth in the state’s life sciences industry. The tax incentive program has a cumulative annual cap of $25 million. The various incentives are intended to encourage growth in companies at all stages of development.
The Life Sciences Tax Incentive Program becomes effective on Jan. 1, 2009, and the center is on target to accept on-line applications commencing Jan. 2, 2009. The center has posted the draft application, and instructions for completing the application, on its website in order to maximize opportunities for public understanding of the application process and criteria for becoming “certified.”
The draft application contains both the application for certification (Part 1) as well as the application for participation in the Tax Incentive Program (Parts 2 and 3). Under the Life Sciences Act, companies must become “certified” in order to seek grants, investment or tax incentives through the center.
“The Life Sciences Tax Incentive Program is one of the center’s tools in fulfilling our dual mission of job creation and advancing the discovery of cures and therapies that will save and improve lives,” said Susan Windham-Bannister, president and CEO of the Massachusetts Life Sciences Center, in a news release. “This draft was developed with extensive input from industry groups and other experts. We want to ensure that all stakeholders in this work, including the general public, are kept informed of our progress in implementing this program. We look forward to rolling this and the rest of the center’s new programming out this coming January.”
For more information, see www.masslifesciences.com.
Source: Massachusetts Life Sciences Center
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