|MASSACHUSETTS LIFE SCIENCES CENTER ANNOUNCES 2019 TAX INCENTIVE PROGRAM
The Massachusetts Life Sciences Center (MLSC) has announced a Life Sciences Tax Incentive Program for companies engaged in life sciences research and development, commercialization, and manufacturing in Massachusetts. Eligible companies must submit an application by February 8, 2019.
A quasi-public agency of Massachusetts, the Massachusetts Life Sciences Center is tasked with implementing the Massachusetts Life Sciences Act, a $1 billion initiative started in 2008. On June 15, 2018, new legislation was enacted to further invest up to $623 million in bond authorization and tax credits over five years in education, research and development, and workforce training.
Applicant life sciences companies must satisfy the following eligibility requirements:
A Tax Incentive Program “Solicitation” provides further information on eligibility and the application process.
An interested life sciences company must submit an application with the MLSC on or before February 8, 2019 (12:00 p.m. EST).
Life sciences companies that are accepted by MLSC for the tax incentives program, in addition to meeting the continuing eligibility requirements, will be required to complete and file quarterly and annual reports. The annual report is also used to determine whether the company has met the specific targets set forth in its application. Failure to file required reports or satisfy targets is grounds for revocation of the company’s certification as a certified life sciences company. Upon decertification, any awarded tax incentives must be returned/repaid to the Massachusetts Department of Revenue.
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