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MA Responds with Additional Life Science Funding Update

MA Responds with Additional Life Science Funding Update

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For those that remember the article we published this past winter, it appears as though Massachusetts has answered the call. In an effort to maintain its reign as the life science capital, Massachusetts’s Governor Charlie Baker announced a new wave of life science funding to hold off New York’s recent push to attract and retain companies in the Empire State.

As Massachusetts’s current 10-year, $1 billion life science program sunsets in 2018, Governor Baker plans to add an additional $500 million in life science program funding. The additional funding is expected to be distributed through a combination of up to $150 million in tax incentives and up to $295 million in bond authorizations that will provide funding for capital projects. The tax incentive program is expected to be extended for 10 years and the total annual cap on awards is expected to increase from the current program’s $20 million to $30 million. Investment programs will continue to be funded through a budget surplus.

The new wave of funding is expected to be managed by the same quasi-government agency, The Massachusetts Life Science Center, that handled the initial 10-year, $1 billion dollar plan that was rolled out by former Governor Deval Patrick. This announcement was made during the first day of the BIO International Convention in San Diego, a popular event for industry professionals, on June 19th.

To learn more about these government sponsored tax incentives and how they may benefit your biotech or life sciences company, please contact tbostjancic@withum.com

Robert Traester Robert Traester, CPA, MST

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To ensure compliance with U.S. Treasury rules, unless expressly stated otherwise, any U.S. tax advice contained in this communication is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.

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