The Massachusetts Life Sciences Center opened submissions for its 2011 tax incentive program this month, through which it will offer up to $25 million in rewards to companies engaged in life sciences research and development, commercialization and manufacturing in the Bay State.
MLSC is a quasi-public created by Mass. State legislature in 2006, tasked with administering the $1 billion allocated by Gov. Deval Patrick’s life sciences bill.
"The Program addresses the significant capital expenditures associated with the life sciences R&D cycle and the high costs of translating research into commercially viable products," according to the center’s website. "To qualify, companies must receive certification from the Center and must demonstrate both the scientific and economic merit of their expansion plans."
Last year’s incentives were not without controversy, as the center looked to claw back financial awards given to eight companies who failed to meet a 70 percent job-creation threshold stipulated in the program. Those tax awards, which were granted by MLSC in Dec. 2009, also came with the stipulation that jobs added as a result of the incentives must last at least five years.
The "bottom line," an MLSC spokesman told MassDevice at the time, was that "the 21 companies that ended up taking a total of $17 million in incentives in 2009 created 607 jobs," which was 106 percent of the center’s target.
"The primary goal of the Program is to incentivize life sciences companies to create new long-term jobs in Massachusetts," according to the new incentive application.
Applications must be sent by noon on October 7 to qualify.