The Massachusetts Life Sciences Center, the state’s quasi public agency for supporting the life science cluster, has started accepting applications for its annual tax incentive program.
The program provides nine different tax incentives that address capital expenditures for companies’ R&D cycles and the costs of commercializing new technology. It calls for the dispersal of $25 million in tax breaks each year to boost the state’s medical device, pharmaceutical and biotech firms.
The companies that received tax incentive awards in 2009 committed to creating more than 800 new jobs in the Commonwealth this year, according to the center. The tax incentives program are geared toward job creation and the awards contain some rollback provisions in the event that the companies fail to produce a certain number of new positions.
Last year, the center dolled out $25 million to 26 Bay State biotech companies from pool of 85 applicants.
Applications can be submitted on-line via the center’s web site, with a deadline of July 2, 2010 at noon. Information sessions about the tax incentive program will be held on May 20 and June 10 in Waltham and May 25 in Worcester.
