BOSTON—Massachusetts Gov. Charlie Baker is looking to continue to provide funding and incentives for the fast growing life sciences center with $500 million in new state investment over the next five years.
The administration of Gov. Baker and Lt. Gov. Karyn Polito proposed a bill on Monday that includes a $295-million bond authorization and up to $150 million in tax incentives for what the administration terms would be strategic investments in public infrastructure, research and development, workforce training and education geared toward the life sciences sector. The five-year, $295-million bond authorization would target capital funding to enable the state to strengthen the life sciences ecosystem through collaborations that maximize third-party investments.
Saying the initiative is intended to support public-private partnerships and investments that have catapulted Massachusetts as one of the global leaders in R&D, medical advancements and life sciences, Gov. Baker said, “This proposal empowers the Commonwealth and the Massachusetts Life Sciences Center to continue that success, attracting world-class companies in innovation and technology, giving researchers the best available tools and educational environment, training our workforce and providing successful careers here in Massachusetts.”
The Massachusetts Life Sciences Center, co-chaired by Administration and Finance Secretary Kristen Lepore and Housing and Economic Development Secretary Jay Ash, will manage the funding. Since its formation in 2008 by then Gov. Deval Patrick as a 10-year, $1-billion initiative, the MLSC has invested more than $650 million across the state. The funding has included more than $429 million in capital infrastructure grants, in excess of $116 million in funds to medium-to-large companies committed to growing jobs within the Commonwealth through its tax incentive program, $62 million for outfitting lab space in middle schools and high schools and $33 million in grants and loans for small-to-medium sized businesses in the life sciences.
Gov. Baker is scheduled to address the 2017 BIO International Convention in San Diego on Wednesday and is expected to reinforce the administration's commitment to growing life sciences sector as well as promote the 2018 BIO International Convention being hosted in Boston next June.
Another key facet of the administration's life sciences proposal involves the extension and expansion of key incentives. The proposal would permit the MLSC to award tax incentives for an additional 10 years and increase the MLSC's current annual statutory cap up to $30 million on tax credit awards.
“The bill that has been filed to reauthorize investments in the life sciences throughout the Commonwealth is a clear signal that the administration's goals are closely aligned with those of the state's most prominent industry,” said Travis McCready, president and CEO of the Massachusetts Life Sciences Center. “At the Life Sciences Center, we are looking forward to improving upon the first iteration of this initiative and continuing to support Massachusetts' position as the global leader in life sciences.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
