2 Central Mass. Biotech Firms Get Tax Breaks
Two Central Massachusetts companies are among 25 in the state to receive tax incentives from the Massachusetts Life Sciences Center (MLSC) in 2013.
The center's board of directors is awarding $23.85 million to the companies, which have committed to creating more than 1,000 jobs in the state this year. That's nearly 100 more than during the last round of incentives.
Locally, Boston Heart Diagnostics Corp. of Framingham received $450,000 in incentives and has pledged to create 35 jobs. Meanwhile, Pall Corp. of Westborough received $127,500 and said it will add 10 jobs.
The tax incentives are part of Massachusetts' 10-year, $1-billion life sciences initiative which authorizes up to $25 million in tax breaks each year for companies that are involved in research and development, commercialization and manufacturing in the life sciences industry. The goal of the program is to incentivize life sciences companies to create new and sustained jobs in the commonwealth.
Now in its fourth year, the program has provided nearly 50 companies with tax credits totaling more than $50 million. According to the MLSC, those companies created more than 1,800 jobs after receiving the tax breaks. Companies awarded in the tax incentive program must submit reports to the state and if a company doesn't meet and maintain its minimum threshold for job creation, the tax credit can be “clawed back,” or recovered, by the Department of Revenue.
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