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Less Than 2 Weeks for Life Sciences Companies to Apply for Massachusetts Tax Incentives

& Yale N. Robinson

The Massachusetts Life Sciences Center (MLSC) is offering up to $20 million in tax incentives for life sciences companies with plans to grow in Massachusetts.

The goal of the program is to “expand life sciences-related employment opportunities, promote health-related innovations, and stimulate research and development, manufacturing and commercialization in the life sciences.”

In working with our life sciences clients on these incentives in prior years, we have experienced first-hand how the state is looking to reward these companies that invest in the Massachusetts life sciences community.

Applications must be submitted online by Noon EST on February 8, 2019 at http://www.masslifesciences.com/programs/tax/.

Overview of Tax Incentives 
The program offers ten different types of tax exemptions and credits, including:

  • A refund of existing research and development tax credits
  • A refundable investment tax credit
  • A refundable jobs credit

Through nine rounds of the program, more than 220 awards totaling over $201 million have been awarded to life sciences companies of all sizes, sectors, and geographic distribution across Massachusetts.

Eligibility
A company is eligible only if:

  • It is registered to do business in Massachusetts
  • It had at least 10 permanent FTEs (35 hours/week) employed as of December 31, 2018
  • It commits to hiring at least 10 net new jobs in calendar year 2019 and is able to retain those jobs through 2023
  • It files a Massachusetts tax return for either calendar year ending December 31, 2018 or a fiscal tax year ending after December 31, 2018 and prior to October 31, 2019

For More Information
To discuss your situation and see if you qualify, contact Matthew P. Foley, CPA, MST, Principal, at mfoley@wolfandco.com or 617-428-5492, or contact Yale N. Robinson, Tax Specialist, at yrobinson@wolfandco.com or 617-261-8122.