Massachusetts Life Sciences Center awards $25 million in tax incentives

March 4, 2013 by Sony Salzman

Massachusetts Life Sciences Center awards $25 million in tax incentives aimed at spurring job creation in the Commonwealth's medical device, biotech and pharmaceutical industries.

The Massachusetts Life Science Center has doled out more than $25 million to 25 life science companies who pledged to create new jobs in its latest round of tax incentives,

Biogen Idec, with a pledge to create 225 new jobs based netted $5.5 million in incentives. Also top on the pledge list was Nova BioMedical, which brought home $1.7 million with a promise of 75 jobs, PerkinElmer with $1.5 million for 60 jobs and Boston Heart Diagnostics with $450,000 for 35 jobs.

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According to the rules of the incentives program, these jobs all have to last a minimum of 5 years, and companies can be forced to return the incentives if they can't meet their pledge. The program is run by the Massachusetts Life Sciences Center and the Department of Revenue. The Life Sciences Center is charged with overseeing the Commonwealth's 10-year, $1 billion Life Science Initiative.

In 2013, the annual $25 million in incentives squeezed out a commitment of more than 1,000 new jobs and more than 100 additional pledges than 2012.