MBC Members Eligible for New Grants and Incentives

January 14, 2009
Biotechnology companies can now apply for the new state tax incentives and grant programs outlined in the Massachusetts Life Science Initiative. Deadline to apply for first round of Accelerator funding is March 6, 2009 and the deadline to apply for tax incentives is May 15, 2009.

MBC members can access our in-house economic development professionals, who assist with navigating the process and programs. Your membership allows you the opportunity to have a trusted industry advocate, with comprehensive knowledge of the Massachusetts economic development landscape, assist you as you begin to take advantage of the many development resources potentially available to you.

For more information or additional guidance, contact the MBC's Economic Development Department at (617) 674-5130. To download a one-page guide to a wide variety of state incentives and economic development programs, click here.

Overview of LSI Programs and Incentives

Cooperative Research Grant - Supports industry-sponsored research at universities and to facilitate scientific discoveries that lead to medical applications with grants of $250,000 per year for up to three years, in a 1:1 match with its industry partner.

New Faculty Startup Grant - Targets investments to attract and retain nationally prominent faculty at Massachusetts' colleges and universities with grants of $250,000 per year for up to three years, in a 1:1 match with the academic institution.

New Investigator Grant - Aimed at to spurring innovative new research and advance the careers of new investigators who are working on cutting-edge life sciences research at Massachusetts academic research centers and institutions with grants of $100,000 per year for up to three years.

Life Sciences Accelerator- Intended as matching funds, from $100,000 to $500,000, for early-stage life sciences companies to help leverage additional sources of capital.

Life Sciences Tax Incentive Program - Life sciences companies that are growing jobs, investments, and revenue are prospects for the nine distinct tax incentives of the LSI. To receive the benefits, companies must apply to the MLSC to become a Certified Life Science Company. The incentives include:
  • Refundable 10% Investment Tax Credit
  • Refundable Research Tax Credit
  • Special Sales Tax Exemption
  • Extension of Let Operating Losses to 15 years
  • Refundable FDA User fee Credit
  • Life Sciences Research Credit
  • Deduction for Orphan Drug Clinical Testing
  • Elimination of Sales Factor Throwback
  • Construction Sales Tax Exemption

To apply, visit www.masslifesciences.com. The application is ONLINE ONLY.

Deadline to apply for first round of Accelerator funding: March 6, 2009
Deadline to apply for tax incentives: May 15, 2009

The first round of Accelerator funding will be announced by May 1, 2009
Tax incentives will be awarded by September 15, 2009.
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