House passes life sciences bill

House members overwhelmingly voted Thursday to invest $1 billion in the state’s burgeoning life sciences industry.Among those supporting the ambitious economic development plan were Reps. Steve Walsh, Robert Fennell and Mark Falzone, all Democrats and members of the Lynn delegation.The strategy aims to foster growth of high-paying, quality jobs in the biotech industry in Massachusetts, which includes the North Shore among its strongest clusters.The 10-year initiative also seeks to retain talented scientists and researchers at state institutions. It includes $250 million in tax credits for life sciences companies that promise to create jobs in the state and $250 million in direct research grants to encourage the regions’ best and brightest in the industry to continue research. Another $500 million would be set aside for capital investments in the industry.”The life sciences industry has the capacity to produce life-saving results. The investments we have made to bolster the biotech sector and support the talented scientists and researchers of our state are investments in the future of healthcare, as well as an investment in our economy,” said Walsh.Falzone said the life sciences bill is innovative and necessary in a global economy where knowledge is valued. “With our universities, hospitals, and companies that engage in cutting-edge research, we have a great start in the life sciences and a lead right now, but many states and other countries are trying to take this industry and its sources of prosperity away from us,” he said. “The life sciences bill passed by the House of Representatives will keep us competitive and in a leadership position in this vital economic area.”Fennell, too, gave his support to the landmark legislation, noting that state will have the tools and finances to further its reputation as a global leader in life sciences and biotechnology industries. “Lynn will be the beneficiary of many new economic opportunities created by the incentives of this bill, such as tax credits and capital investments,” he said.Other highlights of the bill include: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 $120 million to establish the Massachusetts Life Sciences Opportunity Relocation and Expansion Jobs Capital Program Trust Fund.Direct grants and programs for the industry, such as $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 $25 million to establish new grant programs that boost the biotechnology workforce.Tax incentives for certified $25 million companies 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 Economic Opportunity Areas throughout the state.”We enacted a law that will retain the some 400 life science companies currently in Massachusetts, bolster our fine academic institutions and research centers, and create new incentives for business and job growth,” said Walsh. “And we did it with the knowledge that the investment will someday literally save lives.”