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Massachusetts Life Sciences Companies, It’s Time to Save on Taxes!

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 up to 10 different tax benefits and credits, including:

  • Life Sciences Investment Tax Credit – 90% refundable (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 – 90% refundable (pursuant to M.G.L. c. 62, §6(n) and c. 63, §31M)
  • Life Sciences Job Incentive and Research Credits
  • And several other tax benefits
For assistance with this program or any other government-sponsored tax incentive programs and how they may benefit your biotech or life sciences company, please contact Taryn Bostjancic or another member of Withum’s Life Sciences Group here.

In order to apply, applicants should meet the following criteria:

  • Must be a life sciences company
  • Must be registered to do business in Massachusetts
  • Employ at least 10 permanent FTEs (35 hours/week) working in Massachusetts as of December 31, 2019
  • Must commit to hiring at least 10 net new Massachusetts jobs in calendar year 2020 and to retain those jobs through 2024
  • Must file a Massachusetts tax return for either calendar year ending December 31, 2019, or a fiscal tax year ending after December 31, 2019

Applications can be completed online. Additional information can be found on the Massachusetts Life Sciences Center website. All applications are due by 12:00PM EST on February 5, 2020, so any interested companies should act fast.

Author: Robert Traester, CPA, MST | rtraester@withum.com

Life Sciences Services

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