The MLSC is pleased to announce the launch of the 16th round of the Tax Incentive program. The program provides incentives to companies engaged in life sciences research and development, commercialization and manufacturing in Massachusetts looking to expand their efforts by creating new, long-term jobs in the state. Since the program’s inception in 2009, 236 life sciences companies have been awarded $334 million in tax incentives.
The Center is excited to continue this program to attract and retain life sciences companies of all sizes. Of note, new and returning modifications of the program include:
- Average rate per job begins at $16,000
- Premium award per net new job to companies creating biomanufacturing positions
- Reduced new job retention compliance period from 5 years to 3 years
- Increased flexibility to support smaller companies and those located in emerging regional clusters by reducing minimum net new job creation from 10 to 5 positions
The deadline to apply for the 2024-2025 program year is Feb. 19, 2025 at 5 p.m. EST.
For interested companies, the MLSC offers virtual info sessions on eligibility requirements, various tax incentives available, compliance and reporting requirements, application process overview and timeline for awards. Please register today for one of our virtual info sessions:
- Dec. 18, 2024 at 1 p.m. – register now
- Jan. 13, 2025 at 10:30 a.m. – register now
Visit our Tax Incentive program page to learn more about this year’s round. For questions, please reach out to: taxprogram@masslifesciences.com.
