Massachusetts just put life in life-sciences.
The state senate approved a bill granting $462 million in bonds for the Massachusetts Life Sciences Investment Fund which doles out grants to increase diversity and opportunity in Massachusetts' life sciences and biotech industries.
The bill has three objectives: job creation, workforce development and promoting bio-manufacturing and scientific research.
The Baker administration under the bill will provide nearly $20 million in tax incentive awards to 23 life sciences companies -- creating 1,100 new jobs across the Commonwealth. The tax incentive is focused on creating jobs outside the Boston and Cambridge area (Good news for startups in the 'burbs). So far, there are 126 active or completed awards, totaling more than $116 million in tax incentives.
Under this bill, the state also awarded $47 million to UMass Amherst to build and equip a Biotechnology and Precision Manufacturing (BPM) research and training facility. The capital funding for UMass will support building labs for programs focusing on industry collaboration and student mentoring.
“Our administration is committed to supporting strategic investments to create more jobs and continue to improve Massachusetts’ overall position as a global leader in the life sciences,” said Governor Charlie Baker in a statement. “We look forward to working with the Legislature, MLSC and stakeholders to pass our bill to provide up to $500 million over five years for strategic investments in public infrastructure, research and development, workforce training and education.”
