CMass life science firms land $1.54M in tax breaks
Four life science companies in Central Massachusetts received a combined $1.54 million in tax incentives to create 87 jobs in 2014, the Massachusetts Life Sciences Center (MLSC) announced Wednesday.
The tax incentives intend to address the high costs of translating life science research into commercially viable products, and are aimed at incentivizing job creation in the Bay State, according to the MLSC.
“The companies that will receive these incentives are adding jobs in a cutting-edge industry,” Glen Shor, MLSC Board of Directors co-chairman and Massachusetts Administration and Finance Secretary, said in a statement. “The … initiative offers hope to those waiting for cures for diseases and solidifies our place as a global leader in the innovation economy.”
Companies must keep the jobs that they promised under the tax incentive programs for five years, the MLSC said. Firms that don’t can be forced to pay back all or part of the incentives they’ve received.
Statewide, $25 million in tax incentives were distributed to 33 companies to create more than 1,200 jobs. More than $68 million was awarded between 2010 and 2013, resulting in more than 4,350 new jobs, according to the MLSC.
Local awards include:
· $1.02 million to Boston Heart Diagnostics in Framingham to create 50 jobs;
· $215,255 to Micron Products in Fitchburg (15 jobs) ;
· $204,310 to Pall Corp. in Westborough (10 jobs) ; and
· $100,000 to Masy Systems in Pepperell (12 jobs).
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