Nearly $30 million in tax incentive awards are expected to add 1,519 new life sciences jobs in Massachusetts, with about 52% of the positions spread over Boston and Cambridge. Vertex, which received the largest award, will create hundreds of roles in Boston.
Tax incentives awarded to 33 companies, totaling $29.9 million, are expected to create 1,519 new life sciences jobs this year in Massachusetts, according to a Healey-Driscoll Administration and Massachusetts Life Sciences Center (MLSC) announcement. The largest award, $5.61 million, went to Vertex Pharmaceuticals, which will add 300 positions in Boston.
So far, life sciences companies have agreed to create more than 19,800 jobs in Massachusetts through the tax incentives program since MLSC’s inception, according to the announcement. The previous round of awards, announced in October, went to 19 companies for the addition of 1,155 positions.
In a June 12 press release, Massachusetts Gov. Maura Healey pointed to the tax incentive program’s importance to the state’s life sciences industry.
“The world looks to Massachusetts for the future of life sciences because we have built an ecosystem where innovative research, exceptional talent and public-private partnerships come together to drive significant progress,” Healey said. “With impactful investments like MLSC’s Tax Incentive Program, we are creating new jobs and ensuring that the next generation of scientific breakthroughs are being developed right here in our state.”
New Jobs Extend Beyond Boston, Cambridge
Although 52% of the 1,519 new jobs will be spread across Boston (491 roles) and Cambridge (291 roles), 18 of the 33 companies receiving the latest round of tax incentives are adding positions outside of those cities. Those businesses will create roles in Bedford, Braintree, Canton, Chelmsford, Fall River, Lee, Lexington, Lowell, Newton, Northbridge, Norton, Southborough, Waltham and Watertown. Also of note:
- Ten companies received at least $1 million in tax incentive awards.
- Four businesses will create 100 or more jobs.
- Twelve companies will add 50 or more positions.
$10.1M in Incentives Available Through New Competitive Round
Additional tax incentives totaling $10.1 million will be awarded later this year through a new competitive round, according to the announcement. Applications are open until 5 p.m. Eastern July 16 for life sciences companies engaged in research and development, commercialization and manufacturing in Massachusetts.
As was the case for the tax incentive awards just announced, applicants must commit to filling jobs this year and retaining them through Dec. 31, 2027. Companies that receive awards will have regular reporting requirements to document positions created. Awardees not in compliance with their hiring commitments will be decertified and must return tax incentives to the Massachusetts Department of Revenue.
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