Millions in Massachusetts State Tax Credits To Life Science Companies

Millions in Massachusetts State Tax Credits To Life Science Companies

The 2012 Mass Tax Credit Transparency report revealed that about $17 million was awarded to life science companies. In total $159.2 million in state tax credits were issued this year, with 11% going to life science companies. The $17 million was distributed to 28 different companies to improve life science research and investments

The largest category in the life science is the research credit, which received just under $7 million. This is due to the yearly increases in expenses in the state. $1.8 million of that seven went to Biogen Inc., a biotechnology company, that manufacturers drugs for the treatment of multiple sclerosis as well as other diseases. Shire Human Genetic Therapies Inc. was awarded $3 million, the largest amount for investment tax credit. In 2010 Shire began a $400 million venture into Lexington Technology Park. Along with investment and research credits, job credits were also awarded. Enough was issued to create at least 50 total new full-time jobs in the state of Massachusetts.  

Read more details about the tax credits to life sciences companies here.

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