BOSTON — The state Senate unanimously passed a comprehensive bill to support workforce development and make investments in life sciences, climate technology, and small businesses.
According to a press release from the office of state Sen. Brendan Crighton, the Senate authorized $2.86 billion in bonds in An act relative to strengthening Massachusetts’ economic leadership, or Bill S.2856.
Bill S.2856 pertains to small businesses, communities, and cultural development, and the press release said it will ensure that main-street businesses across the Commonwealth benefit from the economic boost.
“This economic development bill will help cement Massachusetts’ position as a global leader in life sciences and technology for years to come,” Crighton said. “We will also see exciting investments in the communities and small businesses that make up the Commonwealth’s unique and diverse economy.”
The bill would authorize $225 million over five years for the Life Sciences Breakthrough Fund to reauthorize the Life Sciences Initiative and $200 million for the Clean Energy Investment Fund to facilitate research and development, commercialization, and deployment of climate technologies. It would also authorize $200 million for the Massachusetts Offshore Wind Industry Investment Trust Fund to support the growth of that industry.
“This comprehensive legislation represents an important commitment to fostering economic growth across all industries and regions in Massachusetts,” Crighton said.
The press release stated that 50% of Massachusetts workers are employed by companies with less than 500 employees. Due to this, the bill would provide $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.
A provision of the legislation would raise the age of juvenile jurisdiction to include residents who are 18 years old, which was sponsored by Crighton.
18-year-olds would have access to the educational and rehabilitative programming offered by the Department of Youth Services, which the release said are proven to reduce recidivism and re-conviction.
The legislation would not change the existing law allowing 18-year-olds charged with serious offenses to be prosecuted and sentenced as adults.
“The legislation is poised to bolster local infrastructure and drive climate change mitigation efforts forward. We look forward to closely reviewing the bill and applying for all funding that the city is eligible for to further drive our economic development, workforce development, and climate resiliency efforts,” Mayor Jared Nicholson said. “The city has greatly benefited from many of these programs in the past and are thankful to the state delegation and Healey-Driscoll administration for their advocacy.”
A previous version of the bill passed the state House, according to Crighton’s office, and the two branches of the legislature will now work together to reconcile differences between the bills before sending it to Gov. Maura Healey’s office.
