2.617 -Life Sciences Tax Incentive Program

Item	Description	FY2011	FY2012	FY2013
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 $1B 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, and therefore has placed it in this section of the tax expenditure budget. Since July 1, 2010, the Life Sciences Refundable Jobs Credit has been added to this program. The credit is applicable to insurance companies as well. Origin: M.G.L. c. 63, S. 31M; 38CC; 38W; 38U Estimate: $25.0	20	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.