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26 June 2017Americas

Massachusetts invests in life sciences with $500m proposal

The governor of Massachusetts has revealed a legislative proposal aimed at providing up to $500 million over the next five years in the life sciences sector.

Governor Charlie Baker and lieutenant governor Karyn Polito announced the  proposal during the 2017 BIO International Convention, which took place last week, June 19 to 22, in San Diego.

The funding will be used for investments in public infrastructure, research and development, workforce training and education, including up to $295 million in capital authorisation and up to $150 million job-creating tax incentives.

Massachusetts Life Sciences Center (MLSC), an investment agency, will manage the funding.

The proposal also extends and expands the authorisation of a key state tax credit that finances job growth, permitting the MLSC to award tax incentives for an additional ten years and increasing the MLSC’s current annual statutory cap up to $30 million on tax credit awards.

Baker said: “We are committed to supporting the public-private partnerships and strategic investments that have made Massachusetts a global leader in the life sciences, research, development and medical advancements.”

MSLC has invested more than $650 million across the state, including more than $429 million in capital infrastructure grants, giving Massachusetts multiple state-of-the-art facilities.

Travis McCready, president and CEO of the MLSC, added: The bill that has been filed to reauthorise investments in the life sciences throughout Massachusetts is a clear signal that the administration’s goals are closely aligned with those of the state’s most prominent industry.”

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