Massachusetts offers many tax incentives, financing solutions, and grants to its companies. These include:
- The Economic Development Incentive Program, a state and local tax incentive program that can significantly reduce the cost of doing business for companies expanding or locating in Massachusetts.
- The Job Creation Incentive Program makes qualifying biotechnology or medical device manufacturing companies eligible to receive incentive payments for new job creation. Massachusetts already has a leading concentration of biotechnology and medical device manufacturing located within its boundaries, and we are looking to grow.
- The Research and Development Tax Credit, which offers a tax incentive for research and development investment for both manufacturers and R&D companies, was designed to remove any obstacles to R&D investment and spur growth and innovation.
- The Investment Tax Credit, used for the purchase and lease of qualified tangible property used in the course of business operations, offers a 3% credit for businesses against their Massachusetts Corporate Excise Tax.
- The Single Sales Factor program reduces the tax burden for manufacturers and other qualifying companies, helping to facilitate an attractive tax environment for businesses.
- The Economic Stabilization Trust (Trust), an Economic Solutions program, is a quasi-public loan fund that lends “high risk” working capital to established small and medium manufacturing and other value-added businesses in Massachusetts.
- The Brownfields Redevelopment Fund encourages the reuse of brownfields, vacant, abandoned, or underutilized industrial or commercial properties where redevelopment is complicated by real or perceived environmental contamination or liability. The Brownfields Site Assessment Program and the Brownfields Remediation Program provide flexible, low-cost financing for environmental.
- The Massachusetts’ Emerging Technology Fund, with $25 million in new funding, is designed to help technology-based companies build new facilities, expand at current locations, make leasehold improvements or purchase new equipment. Partnering with traditional lenders, venture capitalists and other financing sources, the program supports the needs of growing companies by providing loans or loan guarantees to close financing gaps for new manufacturing, research and development, and state-of-the-art or specialized equipment purchases.
- The District Improvement Financing Program (DIF) is a public financing alternative available to all cities and towns in the Commonwealth. The DIF enables municipalities to fund public works, infrastructure, and development projects by allocating future, incremental tax revenues collected from a predefined district to pay project costs.
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