Providing continued investment in the life sciences industry in the Commonwealth

What it means

Authorizes the state to borrow up to $462,970,000 in bonds for the Massachusetts Life Sciences Investment Fund, for capital grants in life sciences education, workforce training, early-stage companies and manufacturing. It sets minimum amounts for named projects, including $50,000,000 for a UMass Lowell and UMass Medical School neuroscience project, $47,000,000 for a UMass Amherst biotech and manufacturing facility, $21,750,000 for UMass Dartmouth, $20,000,000 for a UMass Boston nursing center, $10,000,000 for the Marine Biological Laboratory in Woods Hole, $6,000,000 and $5,000,000 for UMass Medical School projects, and $3,220,000 for Massachusetts Maritime Academy, plus yearly grants to increase diversity in the field. It raises the yearly cap on life sciences tax incentives from $25,000,000 to $30,000,000 starting January 1, 2019, changes a December 31, 2018 date in the 2008 life sciences law to December 31, 2028, adds internship priorities and reports, and sends half of any year-end state surplus, up to $10,000,000, to the fund.

Source: official text and history of H.4501 on malegislature.gov. This describes the bill text posted there; amendments may have changed the version that was voted on.