Massachusetts Gov. Deval Patrick asked state legislators to pass a bill offering tax incentives benefitting life sciences companies as part of larger legislation, introduced yesterday, to invest $1 billion in state funds in the life sciences industry.
The bill includes $250 million to fund seven tax incentives for life sciences companies over the next decade. The incentives include refundable U.S. Food and Drug Administration user fees, an extension to 15 years of the net operating loss exemption and a variety of sales tax exemptions.
In addition, the bill sets aside $500 million in bond funding for capital projects, including the construction of a new stem cell bank planned for the University of Massachusetts Medical School in Worcester. The bank would house stem cell lines from other area universities including Harvard University.
The targeted state investments are meant to stave off what Patrick called a "threat" to the Bay State life sciences industry from worldwide competition.
"We will lose if we don't take these steps," said Patrick, during a news conference at the Statehouse yesterday.
Meanwhile, Patrick's proposal awaits action by the state Legislature.
Massachusetts Speaker of the House Salvatore DiMasi, D-Boston, called Patrick's plan ambitious.
Mass. $1B bio plan includes tax breaks, stem cell bank
Mass High Tech: The Journal of New England Technology - July 20, 2007
by Catherine Williams
Mass High Tech
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