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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionMassachusetts
Jurisdiction type: State
Fiscal year ending In2018
Program nameLife Sciences Tax Incentive Program
Program purpose: Technology (biotech)
Statutory authority: (not specified)
Abating jurisdiction(s): State of Massachusetts
Applicable taxesCorporate Excise Tax; Financial Institutions Tax; Insurance Premiums Tax; Personal Income Tax
Method of abatement: Tax Credit; Tax refund
Provisions for recapture: A company that has received tax incentives from the MLSC and subsequently fails to achieve the minimum net new headcount thresholds as specified in the MLSC’s Annual Tax report and Multiple Awards policy will have the award terminated and must return the amount of the tax abatement claimed to the Commonwealth, although the company may be given an additional year to achieve the employment goals if the MLSC determines that it has the potential to meet those goals.
Gross revenue loss: $19,920,000
Reimbursement / offset: $0
Net revenue loss: $19,920,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.macomptroller.org/annual-comprehensive-financial-reports/