Program Overview
The MLSC is pleased to announce that it is offering its 16th round of the Tax Incentive program. The 2024 program is open to companies engaged in life sciences research and development, commercialization and manufacturing in Massachusetts. The program provides incentives to companies, of all sizes, looking to expand their efforts by creating new, long-term jobs in Massachusetts.
The application period will run from Dec. 16, 2024 to Feb. 19, 2025 at 5 p.m. EST.
Info Sessions
For interested companies, the MLSC offers info sessions on eligibility requirements, various tax incentives available, compliance and reporting requirements, application process overview and timeline for awards. Please view info session details below for more information on dates, times, and locations.
- Dec. 18th, 2024 at 1 p.m., virtual – register here
- Jan. 13th, 2025 at 10:30 a.m., virtual – register here
Eligibility & Evaluation
- Companies must be registered to do business in Massachusetts
- Companies must be filing a Massachusetts tax return for 2024
- Companies must employ at least 10 permanent Massachusetts FTEs (defined as working at least 35 hours/week) as of December 31, 2024
- Companies must commit to hiring in calendar year 2025 in Massachusetts and commit to retaining those jobs through December 31, 2027
- Minimum commitment of 5 net new FTEs if company employed less than 50 permanent Massachusetts as of December 31, 2024
- Minimum commitment of 5 net new FTEs if company is located in a Gateway Municipality
- Minimum commitment of 5 net new FTEs if company is located in one of the following Massachusetts Counties; Barnstable, Berkshire, Bristol, Dukes, Franklin, Hampden, Hampshire, Nantucket, Plymouth, Worcester
- Minimum commitment of 10 net new FTEs for all other companies
Interested applicants are required to submit an online application. This is a one-step application process that includes all the information necessary for the applicant company to be certified under the Life Sciences Act.
Please see sections 5 and 6 of the Solicitation for more information regarding the application process and further details on the eligibility requirements.
Companies that receive a tax incentive award are required to provide Annual Reports to monitor the progress of the hiring and retention against the commitment levels, which were the basis of the award provided. Companies not in compliance with their hiring commitments will be decertified. Decertified companies must return tax incentives to the Massachusetts Department of Revenue. Please see Policies section below for the program policies regarding reporting, acquisitions, divestiture, and termination of incentives.
The deadline to apply is Feb. 19, 2025 at 5 p.m. EST.
Resources
Department of Revenue Tax Information Release on Life Sciences Tax Incentive Program
Department of Revenue Tax Information Release on calculation and recapture of Certain Life Science Tax Incentives
Life Sciences Jobs Incentive Refundable Credit
Policies
Reports
Impact on the Ecosystem
To ensure the Massachusetts’ ecosystem stays the hotbed for life sciences activity, we will continue to make investments through our Tax Incentive program to create jobs, build a robust workforce, and propel the development of new therapies, devices, and scientific advancements that are improving patient health and well-being.
- 421 awards
- $334 million awarded in tax incentives
- 236 companies supported
- 18,300+ jobs committed
- 76% of new jobs are expanding in communities outside of Boston & Cambridge (since 2018)
Connect with us to Learn More
If you have any questions regarding the application process, e-mail: taxprogram@masslifesciences.com.
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