MathWorks, Others Land Tax Credits
The state’s Economic Assistance Coordinating Council (EACC) this week approved $5.7 million in state investment tax credits for three Central Massachusetts companies.
Recipients include the Natick-based MathWorks Inc., Fitchburg-based DRS Power Technology and New England Wire Products Inc., also of Fitchburg.
The MathWorks will receive a $3-million credit to support its planned expansion into Boston Scientific’s former headquarters building in Natick. Boston Scientific has announced it will move its corporate home to Marlborough. The MathWorks plans to invest nearly $113 million and has pledged to create 600 new jobs, according to the EACC.
DRS, which makes components for submarines, will receive a credit of $2.4 million, which will be paired with a local tax increment financing (TIF) agreement with Fitchburg of $257,000. DRS is evaluating locations for a test facility for a U.S. Navy contract. The state credit is contingent upon the company winning that contract, which would begin in 2020 and run for 20 years. DRS has said the contract would help it retain 80 jobs and would include $33 million in private investment, the EACC said.
New England Wire Products, which makes wire racks and retail store fixtures, plans to purchase 200,000 square feet of space in Leominster and add 100 jobs. The state’s credit of $317,500 would be paired with a TIF from Leominster valued at nearly $26,000.
The EACC also approved an $828,000 TIF between Hopkinton and PerkinElmer, which is investing $13 million in the former Caliper Life Sciences facility and bringing in 150 new jobs.
The Central Massachusetts tax credits were part of a larger package for nine companies in across the state, who in total pledged to create 1,209 jobs and invest nearly $267 million in private capital.
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