New Tax Incentives for Chicopee Company
CHICOPEE- State Senator Adam Gomez (D-Springfield) has joined the Healey-Driscoll Administration and the Massachusetts Life Sciences Center (MLSC) to announce a $250,000 tax incentive being awarded to a local life science company, Agilent Technologies, Inc. to go towards the creation of ten new, long-term positions. The award comes as part of a $21.4 million investment in the industry across the state, provided through the MLSC’s Tax Incentive Program, which are expected to create 1,155 new life sciences industry jobs in Massachusetts.
“We must continue to meet the moment and send a strong signal to companies here in Massachusetts and globally that our state remains the best place in the world to launch and scale life sciences solutions,” said Governor Maura Healey. “Becoming the global hub of the life sciences doesn’t happen by accident. These awards will allow our state to accelerate innovation and job creation and transform lives around the world.”
“Massachusetts is a world leader in the field of science and technology for not just one reason but a multitude of factors,” commented Senator Gomez. “It’s because of our public education, our infrastructure investments, our commitment to looking forward for solutions that plague society instead of wallowing in despair. These tax incentives reflect that feeling that we must continue to push forward and create jobs that reflect the world we’d like to live in, and I am proud of this administration for investing so thoughtfully in areas outside of Greater Boston.”
The MLSC Tax Incentive program is offered to companies engaged in life sciences research and development, commercialization, and manufacturing in Massachusetts, and provides incentives to companies of all sizes looking to expand their efforts by creating new, long-term jobs in the state. Out of the 19 companies receiving tax incentive awards, 17 companies—accounting for 72 percent of the new jobs—are expanding in communities outside of Boston and Cambridge. Through this program, life sciences companies have committed to the creation of more than 18,000 jobs since the MLSC’s inception.
The MLSC jointly administers the Tax Incentive Program with the Massachusetts Department of Revenue, which oversees the technical administration of the incentives. Awardees are required to maintain job commitments over a five-year period. The program includes regular reporting requirements for awardees to document jobs created as a result of the incentive. MLSC has continued to use the Tax Incentive Program to leverage diverse life sciences assets across Massachusetts and encourage growth, expansion and retention on a statewide basis.
About the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center (MLSC) is an economic development investment agency dedicated to supporting the growth and development of the life sciences in Massachusetts, home to the most verdant and productive life sciences ecosystem in the world. Through public-private funding initiatives, the MLSC supports innovation, research and development, commercialization, and manufacturing activities in the fields of biopharma, medical device, diagnostics and digital health. Since its creation in 2007, the MLSC has strategically deployed approximately $1 billion in Massachusetts, through a combination of grants, loans, capital infrastructure investments, tax incentives and workforce programs. These investments have created thousands of jobs and propelled the development of new therapies, devices and scientific advancements that are improving patient health and well-being in Massachusetts and beyond.
For more information on the award, please visit https://www.masslifesciences.com/healey-driscoll-administration-announces-more-than-21-million-in-tax-incentives-for-19-massachusetts-life-sciences-companies/ .
###