By Bob Katzen
Gov. Healey signed into law a $3.9 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 package increases the annual tax credit authorization for the life sciences industry from $30 million to $40 million. Other provisions include $400 million for the MassWorks Infrastructure Program to support public infrastructure projects and create jobs; $150 million for library construction projects; $103 million for AI in systems across the state; $100 million for infrastructure improvements in rural communities; $21 million for resilience in agriculture and fishing; and $40 million for food science innovations.
“Massachusetts is the best state in the nation to live, work, go to school, raise a family and build a future, said Healey. “That’s in large part due to our commitment to investing in cutting-edge industries that produce transformative innovations and make life better for people. The [bill] builds on this leadership, positioning us to the global hub for climate innovation and applied AI, while also growing our already world-renowned life sciences industry, culture and tourism sectors.”
“From day one, we have set out to make Massachusetts the best place for individuals to pursue rewarding careers and for companies to start, scale and succeed,” said Economic Development Secretary Yvonne Hao. “The [bill] will help us achieve that vision. With this bill, we are positioning Massachusetts to lead for future generations.”
“[We] celebrate the signing of the … economic-development bill, which provides vital support to key industries through the infusion of close to $4 billion into the state economy to ensure that the commonwealth remains competitive,” said Brooke Thomson, President and CEO of Associated Industries of Massachusetts which represents 3,400 member businesses. “[We] believe the bill enhances Massachusetts’ ability to lead in sectors like life sciences, climate technology, advanced manufacturing and applied AI.”