Program Tags: Job Creation

Program Overview

The MLSC is pleased to announce that it is offering its 16^th round of the Tax Incentive program. The 2024 program is open to companies engaged in life sciences research and development, commercialization and manufacturing in Massachusetts. The program provides incentives to companies, of all sizes, looking to expand their efforts by creating new, long-term jobs in Massachusetts.

The application period will run from Dec. 16, 2024 to Feb. 19, 2025 at 5 p.m. EST.

Info Sessions

For interested companies, the MLSC offers info sessions on eligibility requirements, various tax incentives available, compliance and reporting requirements, application process overview and timeline for awards.  Please view info session details below for more information on dates, times, and locations.

Eligibility & Evaluation

• Companies must be registered to do business in Massachusetts
• Companies must be filing a Massachusetts tax return for 2024
• Companies must employ at least 10 permanent Massachusetts FTEs (defined as working at least 35 hours/week) as of December 31, 2024
• Companies must commit to hiring in calendar year 2025 in Massachusetts and commit to retaining those jobs through December 31, 2027
  • Minimum commitment of 5 net new FTEs if company employed less than 50 permanent Massachusetts as of December 31, 2024 
  • Minimum commitment of 5 net new FTEs if company is located in a   Gateway Municipality
  • Minimum commitment of 5 net new FTEs if company is located in one of the following Massachusetts Counties; Barnstable, Berkshire, Bristol, Dukes, Franklin, Hampden, Hampshire, Nantucket, Plymouth, Worcester
  • Minimum commitment of 10 net new FTEs for all other companies

Interested applicants are required to submit an online application. This is a one-step application process that includes all the information necessary for the applicant company to be certified under the Life Sciences Act.

Please see sections 5 and 6 of the Solicitation for more information regarding the application process and further details on the eligibility requirements.

Companies that receive a tax incentive award are required to provide Annual Reports to monitor the progress of the hiring and retention against the commitment levels, which were the basis of the award provided. Companies not in compliance with their hiring commitments will be decertified. Decertified companies must return tax incentives to the Massachusetts Department of Revenue. Please see Policies section below for the program policies regarding reporting, acquisitions, divestiture, and termination of incentives.

The deadline to apply is Feb. 19, 2025 at 5 p.m. EST.

Resources

Solicitation

Sample Application

Sample Agreement

Program Handout

Frequently Asked Questions

Department of Revenue Tax Information Release on Life Sciences Tax Incentive Program

Department of Revenue Tax Information Release on calculation and recapture of Certain Life Science Tax Incentives

Life Sciences Jobs Incentive Refundable Credit

Policies

• Annual Report and Multiple Awards Policy

• Acquisitions Policy

• Divestiture Policy

• Tax Program Termination Policy

Reports

• Report on Deferral of Decertification for 2024 Tax Reporting Cycle

• Report on Deferral of Decertification for 2023 Tax Reporting Cycle

• Report on Deferral of Decertification for 2022 Tax Reporting Cycle

• Report on Deferral of Decertification for 2021 Tax Reporting Cycle

Impact on the Ecosystem

To ensure the Massachusetts’ ecosystem stays the hotbed for life sciences activity, we will continue to make investments through our Tax Incentive program to create jobs, build a robust workforce, and propel the development of new therapies, devices, and scientific advancements that are improving patient health and well-being.

• 421 awards
• $334 million awarded in tax incentives
• 236 companies supported
• 18,300+ jobs committed
• 76% of new jobs are expanding in communities outside of Boston & Cambridge (since 2018)

Connect with us to Learn More

If you have any questions regarding the application process, e-mail: taxprogram@masslifesciences.com.

Business Front Door

Program Overview

The Massachusetts Transition and Growth Program (MassTAG) is a recruitment tool targeting life sciences companies considering their first presence in Massachusetts. This highly competitive program is designed to attract out-of-state, international, and newly formed companies that meet MLSC’s strategic objectives to become part of the Massachusetts life sciences ecosystem.

Successful applicants will receive grant awards based on net new jobs created within the company’s first 12 months of Massachusetts operations, to be paid out retroactively in three annual installments.

Eligibility & Evaluation

This program is available to companies life sciences companies that meet the following criteria:

• No current presence in MA
• Commit to creating more than 10 and fewer than 49 jobs in the first 12 months of MA operations
• Address critical needs in the MA life sciences ecosystem

Grants will be provided on a per-job basis in amounts comparable to the awards provided under the MLSC’s existing tax Incentive program and will be evenly dispersed retroactively over a three year period assuming the job commitments are met each year based on the company’s grant agreement.

Acceptance of awards under this program does not disqualify companies from applying to other applicable MLSC programs.

Resources

Interested companies, please fill out the MLSC Business Interest Form.

Sample Application

Impact on the Ecosystem

Critical objectives for this program are attracting out-of-state, international, and newly formed companies in key growth areas, including novel modalities, contract research, development, and manufacturing capabilities, job creation, and scientific advancement that will benefit patients and further growth of the Massachusetts life sciences ecosystem.

Connect with us to Learn More

For more information regarding the program or application process, e-mail: masstag@masslifesciences.com

Business Front Door