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Print Edition StoriesTuesday, December 30, 2008
MLSC to start taking tax break, funding apps on New Year’s Day
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The Massachusetts Life Sciences Center, which has been tasked with handling the state’s $1 billion Life Sciences Initiative, reports it will start taking online applications for the Life Sciences Tax Incentive Program and the Center’s new Life Sciences Accelerator investment program on Jan. 1.
Applicants need to submit their requests at the MLSC web site at www.masslifesciences.com.
The Massachusetts Life Sciences Act authorizes the center to offer a combination of nine different tax incentives totaling $250 million over ten years to life sciences companies that have to apply to be certified as qualifying to receive the incentives. The MLSC will award no more than $25 million in any given year in tax incentives, according to officials.
The Life Sciences Accelerator will invest in early-stage companies and translational research projects by matching grants and investments from the federal government, foundations, non-profit agencies, institutional investors, and other sources of capital. The accelerator program will be augmented by the center’s new Corporate Consortium Program, which provides matching funds for MLSC’s investments. Charter member Johnson & Johnson (NYSE: JNJ) will contribute $500,000 over two years, and MLSC says it intends to add additional members to the consortium.
Earlier this month, the MLSC announced plans to move to a permanent home in the Bay Colony Corporate Center, an office campus located along Route 128 in Waltham. The MLSC will be located in a four-story building in the campus’ center at 1000 Winter Street. This is expected to put the MLSC in a location where it will be easily accessible to companies, investors, researchers and others with an interest in the state’s life sciences industry. The group will, however, also maintain a “small workspace” in Boston.
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