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Life science firms win $23.9m in tax breaks,win for life

Pubdate:2011-01-10 00:17Source:未知 Author:admin Hits:
The annual awards, administered by the Massachusetts Life Sciences Center and the state Department of Revenue, are part of a state program established in 2008 that authorizes up to $25 million in tax incentives each year for companies e

The annual awards, administered by the Massachusetts Life Sciences Center and the state Department of Revenue, are part of a state program established in 2008 that authorizes up to $25 million in tax incentives each year for companies engaged in life sciences research and development, commercialization, and manufacturing.

Shire HGT Inc., a division of Shire PLC — a biopharmaceutical company headquartered in Dublin — was awarded $5.85 million yesterday to expand its Human Genetic Therapies division in Lexington.

Windham-Bannister said the companies that won awards this year have committed to create 28 percent more positions than those that got the incentives last year.

Thirty Massachusetts life sciences companies were awarded a total of $23.9 million in tax incentives by the state yesterday in an effort to create more jobs.

Last year, Shire received more than $6 million in tax incentives in return for a pledge of creating 150 jobs.

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“Most of the jobs will be in manufacturing, creating biopharmaceuticals products for global distribution,’’ said Bill Ciambrone, senior vice president of technical operations at Shire HGT.

The company, which was considering a move to Rhode Island a few years ago, said in September that it has hired 50 workers this year.

Organogenesis Inc., which develops regenerativewin for life medicine therapies to speed up healing, was awarded nearly $458,000 to expand its operation in Canton.

This year’s recipients were chosen from 56 companies that applied for credits. Eight of them also received credits last year.

“I can guarantee that all of those repeat companies hit their employment targets,’’ said Susan Windham-Bannister, chief executive of the Massachusetts Life Sciences Center. “Because if they didn’t reach last year’s hiring target, they didn’t get an award this year.’’

Last year, the program’s first, $24.5 million in tax breaks were handed out to 26 companies that pledged to create 800 jobs.

As of June 30, those companies had created around 400 jobs, according to the Life Sciences Center, a quasi-public agency set up to promote the life sciences industry in Massachusetts.

Positions that are created using the incentives must be maintained for at least five years. If a company receiving a tax incentive does not do that — or fails to hire the number of employees it promised — the state Department of Revenue can require it to pay back all or a portion of the incentive.

Life science firms win $23.9m in tax breaks,win for life,Thirty Massachusetts life sciences companies were awarded a total of $23.9 million in tax incentives by the state yesterday in an effort to create more jobs.

Last year, the state gave Organogenesis a $245,240 tax break in return for a commitment to create 15 jobs.

In return for tax breaks, ranging from $55,000 to $5.85 million, the companies have promised to hire 1,000 people over the coming year.

“And these are real jobs in sales, marketing, administration, and Life science firms win $23.9m in tax breaks,win for lifemanufacturing,’’ she said. “These are not just people in white coats.’’

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