2.617 -Life Sciences Tax Incentive Program
Item | Description | FY2010 | FY2011 | FY2012 |
---|---|---|---|---|
2.617 | Life Sciences Tax Incentive Program
On June 16, 2008, "An Act Providing for the Investment in and Expansion of the Life Sciences Industry in the Commonwealth" was passed. The Act establishes the Life Sciences Investment Program as well as the Life Sciences Tax Incentive Program. It provides for a one billion dollar investment in the life sciences sector, including $25 million each year for 10 years for the Massachusetts Life Sciences Investment Fund (subject to required authorizations by the Massachusetts Life Sciences Center and to approval by the Secretary of Administration and Finance). These incentives are effective from January 1, 2009 through December 31, 2018. Since the tax expenditures in this item will be subject to approval and their composition will differ from year-to-year, it is not known what proportion will be in the form of corporate tax credits as opposed to other tax expenditures. However, the Department of Revenue believes that the largest portion of the tax expenditure will be in the form of corporate tax credits, has placed it in this section of the tax expenditure budget. Origin: M.G.L. c. 62, 63, St. 2008, c. 130, S. 52-54, TIR 08- 23. Estimate: $25.0 |
5 | 20 | 25 |
Key:
ORIGIN | |
IRC | Federal Internal Revenue Code (26 U.S.C.) |
---|---|
M.G.L. | Massachusetts General Laws |
U.S.C | United States Code |
ESTIMATES | All estimates are in $ millions. |
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