Lynn delegation behind $1 billion biotechnology growth package

State representatives from Greater Lynn are throwing their support behind a $1 billion biotechnology package designed to create thousands of new jobs in the industry.The House proposal embraces the key element of Gov. Deval Patrick’s legislation while expanding state grant funding and programs to train top scientists and researchers in Massachusetts.The 10-year initiative includes $500 million in bonding for capital investments, $250 million in direct research grants and $250 million in tax credits for life sciences companies that promise to create jobs in the commonwealth.”As a member of the Legislature’s Biotech Caucus, I’ve seen first hand how important the biotech industry is to the future of the Massachusetts economy. We have amazing things happening here in the life sciences and I feel this is a sound investment that will surely allow us to continue to be a leader in this emerging field,” said Rep. Steven Walsh, a Lynn Democrat.The bill has made it through the Joint Committee on Bonding, Capital Expenditures and State Assets, and is enjoying support from leaders of life sciences companies and top scientists, according to Walsh, the committee vice chairman, and Committee Chairman David Flynn, a Bridgewater Democrat. It was redrafted to create significant capital investments and tax credits in an effort to spur the regional economy, Walsh said.House Speaker Salvatore DiMasi, who unveiled the legislation, said the bill “boldly carries forward the vision we outlined with Gov. Patrick at the BIO summit last year and it will have an immediate, direct impact on creating good jobs and growing our economy.”Noting that Massachusetts is a world leader in the life sciences industry, DiMasi added, “This investment will help keep us there for years to come.”The bill also passed through the Committee on Economic Development and Emerging Technologies is now awaiting review by the Committee on Ways and Means. According to DiMasi, the measure will be brought to the House floor for debate the week of Feb. 25.Rep. Robert Fennell, a member of the Lynn delegation, said the landmark legislation has moved forward, giving the state the tools and finances to further its reputation as a global leader in life sciences and biotechnology.The bill makes key capital investments in the life sciences industry, including $90 million for the RNAi Center at the University of Massachusetts to promote the work of Professor Craig Mello, the Nobel laureate, $95 million to create a life sciences center at UMASS-Amherst and $12.6 million in infrastructure assistance to help a planned expansion of Wyeth Pharmaceuticals in Andover.It also is designed to help the burgeoning biotechnology industry grow through direct grants and programs like $40 million for seed money to address federal funding shortfalls for life science research, $30 million to aid post-doctoral and graduate students studying life sciences and the establishment of new grant programs to boost the biotechnology workforce ($25 million) and in pediatric stem cell grants ($25 million).The initiative provides tax incentives of $25 million per year, including a tax credit toward the purchase of property for life science companies, extending from five to 15 years the tax exemption for life science companies and additional tax credits for companies located in designated Economic Opportunity Areas throughout the state.It expands the Massachusetts Life Sciences Center and creates two new advisory boards, including the creation of five regional directors and innovation centers around the state to ensure the biotech cluster continues to spread throughout the state.”The future of our commonwealth’s economy, and the jobs and growth for our future prosperity, depend upon the investments we make today,” said Rep. Mark Falzone, a Democrat whose district includes Lynn and Saugus. “Massachusetts does not process great resources of mineral wealth or reserves of petroleum, and, consequently, we have always developed our