By Bob Katzen
The Senate 40-0, approved a $2.86 billion economic development package that supporters say would make bold investments in life sciences, climate tech, AI and small businesses, building on Massachusetts’ national leadership and creating an environment where businesses and workers thrive.
The House has approved a different version of the measure and a House-Senate conference committee will hammer out a compromise version.
Provisions of the Senate version include $225 million over five years for the Life Sciences Breakthrough Fund to reauthorize the Life Sciences Initiative; $200 million for the Clean Energy Investment Fund to facilitate research and development, commercialization and deployment of climate technologies; $200 million for the Massachusetts Offshore Wind Industry Investment Trust Fund to support the growth of the offshore wind industry; $400 million for MassWorks public infrastructure projects that spur economic development and help support job creation; $100 million for the Rural Development Fund to provide financial assistance for infrastructure and community planning efforts in rural communities; $100 million for local economic development grants for economic development in cities and towns; and $90 million to support the redevelopment of underutilized, blighted or abandoned buildings.
Other provisions include $115 million for the Massachusetts Tech Hub to establish key industry consortia across the state; $100 million for the Applied AI Hub program to facilitate the application of AI; $99 million for flexible grants to support advanced manufacturing initiatives; $25 million for capital grants to advance research, commercialization and training in robotics; $25 million through MassVentures for small business technology grants to help early-stage companies commercialize new technologies; $35 million for grants to Community Development Financial Institutions to help disadvantaged and underserved businesses; and $10 million for Biz-M-Power matching grants to small businesses with capital needs.
Non-fiscal provisions include new laws to allow local communities to opt-in and allow bars and restaurants in the city or town to responsibly offer happy-hour drink discounts; allow local breweries and distilleries to sell their products alongside local wineries at farmers markets; increase opportunities for a more diverse public sector teaching force; and raise from 17 to 18 the age at which persons can be tried as a juvenile. The hike would apply to many crimes for which 18-year-olds would be tried as juveniles instead of as adults but would not change existing law that allows 18-year-olds charged with the most serious offenses, including first- or second-degree murder, to be prosecuted and sentenced as adults.
“Massachusetts is home to great talent, industry and education, but we must act now to remain competitive in a changing global and national economy,” said Sen. Barry Finegold (D-Andover), Senate Chair of the Committee on Economic Development and Emerging Technologies. “This economic development bill bolsters our state’s competitiveness by strengthening sectors we already excel in and creating pathways to secure the lead in emerging fields.”
“Life sciences and climate technology are synonymous with Massachusetts because of the past decade of strong investment,” said Senate President Karen Spilka (D-Ashland). “The Senate’s action today ensures that we build on that leadership in the coming decade, amplifying the diverse and thriving economic ecosystem that enables people to stay in our state to build careers and families.”
“I’m excited the Senate has created long-term investments in key sectors of our state’s economy by passing this economic development bond bill,” said Sen. Mike Rodrigues (D-Westport), Chair of the Senate Committee on Ways and Means. “With ambitious initiatives in life sciences, robotics, artificial intelligence and other cutting-edge disciplines, we lay a strong foundation for the new and global economy for generations to come. While we look to the future, the bill also reinforces the traditional economic drivers of the commonwealth, notably small business, education and advanced manufacturing.”
(A “Yes” vote is for the bill.)
Sen. Patricia Jehlen Yes