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Posted by Michael Corrente on Tue, Sep 4, 2012 @ 09:23 AM

Applications Now Being Accepted

Deadline: October 25, 2012 noon.

Author: Michael Corrente

life science tax incentiveIf you are a company engaged in life sciences research and development, commercialization and manufacturing in Massachusetts, you should consider applying for the opportunity to get a portion of the $25 million in tax incentives available through The Massachusetts Life Sciences Center’s 2012 Life Sciences Tax Incentive Program.

According to the Life Sciences Center, “The primary goal of the Program is to incentivize life sciences companies to create new long-term jobs in Massachusetts. To qualify companies must receive certification from the Center and must demonstrate both the scientific and academic merit of their expansion plans.”

The Life Sciences Act provides for ten different incentives which address the significant capital expenditures associated with the life sciences R&D cycle and the high costs of translating research into commercially viable products. Several of these incentives are refundable, enabling an awardee to receive cash from the Commonwealth, even if no income tax is paid.

The Program consists of the following incentives:

  • Life sciences investment tax credit
  • FDA user fees credit
  • Extension of net operating losses from 5 to 15 years
  • Elimination of throwback provision
  • 90% refund of already-available excess §38M research credits
  • §38W life sciences research credit
  • Deduction for qualified orphan drug expenses
  • Designation as R&D company for sales tax purposes
  • Sales tax exemption for certain property
  • Life sciences jobs incentive refundable credit

For more information visit the Massachusetts Life Sciences Center website: Applications will be accepted on an ongoing basis until the deadline of October 25, 2012 at noon.

If you have questions or require assistance, contact Michael Corrente, Managing Director in Charge of the CBIZ Tofias Life Sciences Practice, at 401-626-3242. You can also reach him by clicking here.

Tags: Michael Corrente, Tax incentive, life sciences, Massachusetts, tax-exempt

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