Massachusetts Governor Maura Healey is reauthorizing $1 billion in life sciences investments over the next 10 years and establishing a separate $1 billion 10-year climate technology initiative to fill further gaps in the state's economic development plan. He said he wanted to raise it.
Healey highlighted a portion of the bill being planned by Somerville-based energy storage technology and manufacturing company Form Energy, which he dubbed the “Mass Lead Act.”
The entire bill is still in development and will likely be amended and added to by Congress once it is introduced.
Healey's life sciences initiative includes $500 million in capital funding for the Massachusetts Life Sciences Center and $350 million in life science tax incentive programs. An additional $150 million will be earmarked for operational resources such as employee training and other strategic initiatives to grow the life sciences sector and support early-stage companies, the administration said.
Healey also wants to increase the annual cap on life science tax breaks from $30 million to $50 million. The annual awards must be approved by Secretary of Administration and Finance Matt Gorzkovich and will be “revoked” if the award recipients fail to “substantially meet new state revenue, job growth, and capital investment projections,” the administration said. There is a possibility.”
The Governor's Climate Technology Initiative proposes $400 million in capital funding for the Massachusetts Clean Energy Center, divided equally between grants to support the Clean Energy Investment Fund and the Offshore Wind Industry Investment Fund.
The Clean Technology Plan includes $300 million in tax incentives, including a $35 million annual offshore wind tax credit and a new climate technology tax incentive program subject to an annual cap of $30 million.
The initiative also recommends $300 million in operational support for MassCEC, which could cover workforce development, strategic partnerships and internships, the administration said in a newly released document.
“The Mass Lead Act takes the Life Sciences Initiative's proven homegrown model to the next level, attracting innovative companies to our state and ensuring we continue to lead the world in developing life-saving medicines. We'll also stake our claim on fast-growing industries like climate technology and artificial intelligence to make it clear that Massachusetts is competing to win. ,” Healy said in a statement. “This is a transformational opportunity to support our businesses, workforce and communities while strengthening our state’s economy, and I look forward to working with our legislative partners to make this happen.”
