Attention Massachusetts Life Science Companies, Don’t Miss out on Potential Tax Savings!

Life Sciences

Attention Massachusetts Life Science Companies, Don’t Miss out on Potential Tax Savings!

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The Massachusetts Life Sciences Center Tax Incentive Program application window is now open and is offering up to $20 million in tax incentives in this round of the program.

Companies that apply and are accepted into this program can benefit from various tax benefits such as:

  • Life Sciences Investment Tax Credit (pursuant to M.G.L c. 62, §6(m) and c. 63, §38U)
  • Extension of Net operating Losses (NOLs) from 5 to 15 years (pursuant to M.G.L. c. 63, §30(17))
  • Designation as R&D Company for Sales Tax Purposes (pursuant to M.G.L. c. 63, §42B)
  • Sales Tax Exemption for Certain Property (pursuant to M.G.L. c. 64H, §6(xx))
  • FDA User Fees Credit (pursuant to M.G.L. c. 62, §6(n) and c. 63, §31M)
  • And several other tax benefits

In order to apply, applicant companies should meet the following criteria:

  • Application companies must be registered to do business in Massachusetts
  • Applicant companies must employ at least 10 permanent FTEs (35 hours/week) as of December 31, 2017
  • Applicant companies must commit to hiring at least 10 net new jobs in calendar year 2018 and be able to retain those jobs through 2021
  • Applicant companies must file a Massachusetts tax return for either calendar year ending December 31, 2017 or a fiscal tax year ending after December 31, 2017 and prior to October 31, 2018

Online applications and additional information can be found on the Massachusetts Life Sciences Center website.

Applications are due at noon EST on February 2, 2018, so interested companies should act fast. To learn more about these government sponsored tax incentives and how they may benefit your biotech or life sciences company, please contact Taryn Bostjancic.

Ask Our Experts

Taryn Bostjancic, CPA, Partner Taryn M. Bostjancic, CPA, CGMA, Partner
[email protected]

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