30 days left to apply for the 2010 Life Sciences Tax incentive Program

June 2, 2010

There are just 30 days left for interested companies to apply for tax incentives under the Massachusetts Life Science Center's 2010 Life Sciences Tax Incentive Program.

Applications can be submitted on-line via the Life Science Center's web site, http://www.masslifesciences.com/taxincentive.html, with a deadline of July 2, 2010 at noon.

Last year the Center awarded $24.5 million in tax incentives to twenty-six life sciences companies, out of a pool of eighty-five applicants.The companies that received tax incentive awards in 2009 committed to creating more than 800 new jobs in the Commonwealth this year. The incentives went to companies both large and small, in numerous regions of the state.46% of the awardees had less than 100 employees.

The Massachusetts Life Sciences Initiative provides for nine different tax incentives, which address the significant capital expenditures associated with the life sciences R&D cycle and the high costs of translating research into commercially viable products.To qualify, companies must receive certification from the Center and must demonstrate both the scientific and economic merit of their expansion plans. The primary goal of the program is to incentivize life sciences companies to create new long-term jobs in Massachusetts.

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