House Passes Life Science Bill; $49.5M for MCLA
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The economic development package is designed to take a targeted approach to growing high-paying, quality jobs, drawing biotech companies to Massachusetts, and retaining talented scientists and researchers at state institutions.
The measure, one of the first initiatives unveiled by Gov. Deval Patrick as he began his term, includes nearly $50 million toward the science building at the North Adams college and $6.5 million for a life sciences incubator at William Stanley Park in Pittsfield.
"Massachusetts is home to the world's largest super-cluster of life science companies. Other states and countries are going to great lengths to lure these companies away from us," Rep. Daniel E. Bosley, D-North Adams. "This bill provides us the tools to retain these companies and incentives to attract new life sciences companies to the commonwealth."
The bill had been under debate for several days; the House approved its initial version of the measure on Wednesday 134-13. The bill now heads to the Senate.
The 10-year initiative includes $250 million in tax credits for life sciences companies that promise to create jobs in the state and $250 million in direct research grants to encourage continued research in Massachusetts, and $500 million in capital investments in the industry.
"The biotech industry has been a valuable economic engine for our state and the investments we voted for today will fuel that engine," said House Speaker Salvatore DiMasi, D-Boston. "This bill will open the next chapter of economic prosperity in the Commonwealth and keep our state on the forefront of science and technology worldwide."
Of particular importance to Berkshire County, said Bosley, is that $49.5 million of the capital appropriations will be allocated for the construction of the new science and innovation center at MCLA.
"This building will provide excellent opportunities for the students and faculty of MCLA, a great potential for the entire region. This gets our foot in the door for quality, high-paying jobs in the innovation sector for residents of the Berkshires," said Bosley, who is chairman of the House Committee on Economic Development and Emerging Technologies.
Highlights of the bill include:
Capital investments in the life sciences industry, including $90 million for the RNAi Center at the University of Massachusetts to promote the work of Nobel laureate Craig Mello, $95 million to create a life sciences center at UMass at Amherst and $120 million to establish the Massachusetts Life Sciences Opportunity Relocation and Expansion Jobs Capital Program Trust Fund.
Direct grants and programs for the industry, such as $40 million for seed money to address federal funding shortfalls for life science research, $30 million to aid postdoctoral and graduate students studying life sciences, the establishment of new grant programs to boost the biotechnology work force ($25 million), and "requipment" grants ($30 million) that provide funding for the state's vocational and technical schools to train the next generation of life science employees.
Tax incentives for certified $25 million companies per year, including a tax credit toward the purchase of property for life science companies, extending from five- to 15-years the tax exemption for life science companies and additional tax credits for companies located in Economic Opportunity Areas throughout the state.
"This bill spends our money in an intelligent manner in order to develop the life sciences industry, an important economic driver with the state," said Bosley. "These newly created work-force training programs and the vocational tech requipment grants will help many schools in our region such as the McCann Technical School [in North Adams]."
For more information on the life science initiative, click here.
