MA Gov. puts money behind science
- A five-year life sciences legislative proposal from the governor of Massachusetts promises up to $500 million in funding for public infrastructure, research and development, workforce training and education.
- Gov. Charlie Baker, R, and Lt. Gov. Karyn Polito's administration announced the new funding amid the 2017 BIO International Convention in San Diego. The money will include up to $295 million in bond authorizations that will provide capital investment to the state, thereby helping it to "maximize third-party investments and sharpen the Commonwealth’s competitive edge."
- Up to $150 million will go toward building out tax incentives. Specifically, the Mass Life Sciences Center (MSLC) would be able to dole out such incentives for the next decade, and will see its annual statutory cap increase to $30 million. Investment Fund programs, meanwhile, will continue to receive $55 million over the next five years.
The Massachusetts region has had a strong life sciences sector for many years, and is seen as a global hub for innovation. Most of the top 20 biopharma companies have locations there, as do all of the top 10 medical device companies. Cambridge is also home to droves of smaller life science businesses.
"Massachusetts is recognized as a leading global hub for life science innovation and advancement, and our financial commitment will ensure that we continue to hold on to that distinction," Kristen Lepore, Massachusetts' secretary of administration and finance, said in a June 19 statement from the governor's office.
The sector is supported by the MSLC, an investment agency that implements the state-funded investment initiative. MLSC has invested over $650 million across the state, from over $429 in capital infrastructure grants, to $33 million in grants and loans to small-to-medium sized businesses.
"We are committed to supporting the public-private partnerships and strategic investments," Baker said in the statement. "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."
- Mass.gov Statement
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