IPG to receive $750,000 tax credit
IPG Photonics’ 111,000 square foot expansion in Marlborough has been approved for $750,000 in tax credits through the state’s Economic Development Incentive Program (EDIP).
The Oxford-based fiber-laser maker will develop 257 and 259 Cedar Hill Road in Marlborough into a manufacturing and research and development center. The company purchased the properties in April for $6.79 million.
The project will create 100 new full-time jobs and transfer 24 existing employees to the site, according to a release from the Economic Assistance Coordinating Council. The project also qualifies for the state’s 10 percent Abandoned Building Deduction, allowing IPG to deduct 10% of the cost of renovation from gross income.
A tax increment financing (TIF) deal with the city of Marlborough that is expected to save the company $59,262 in taxes was also approved by the state.
IPG employs more than 900 in Oxford and began work on a 101,500-square-foot expansion there in 2011. IPG had been leasing roughly 10,000 square feet in Marlborough.
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