Mortgage Relief

February 28, 2008

HOUSE OVERWHELMINGLY PASSES $1 BILLION LIFE SCIENCES PACKAGE

Landmark legislation aims to bolster state’s biotech industry, spur job creation

Boston-The House of Representatives today overwhelmingly voted to invest $1 billion in the state’s burgeoning life sciences industry. The economic development package takes a targeted approach to growing high-paying, quality jobs, drawing biotech companies to Massachusetts, and retaining talented scientists and researchers at state institutions.

The 10-year initiative includes $250 million in tax credits for life sciences companies that promise to create jobs in the Commonwealth and $250 million in direct research grants to encourage the best and brightest in the industry to continue research in Massachusetts, and $500 million in capital investments in the industry.

“The life sciences industry has the capacity to produce life-saving results. The investments we have made, to bolster the biotech sector and support the talented scientists and researchers of our state, are investments in the future of healthcare,” said Representative Bradley.

Other highlights of the bill include:

Capital investments in the life sciences industry, including $90 million for the RNAi Center at the University of Massachusetts to promote the work of Professor Craig Mello, the Nobel laureate, $95 million to create a life sciences center at UMass-Amherst and $120 million to establish the Massachusetts Life Sciences Opportunity Relocation and Expansion Jobs Capital Program Trust Fund.

Direct grants and programs for the industry, such as $40 million for seed money to address federal funding shortfalls for life science research, $30 million to aid post-doctoral and graduate students studying life sciences and the establishment of new grant programs to boost the biotechnology workforce ($25 million).

Tax incentives for certified $25 million companies per year, including a tax credit toward the purchase of property for life science companies, extending from five- to 15-years the tax exemption for life science companies and additional tax credits for companies located in Economic Opportunity Areas throughout the state.

“The investment we have made today will result in many high paying jobs in the near future,” said Representative Bradley.

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