Please enter a search term to begin your search.
• Population (2008): 6,497,967MASSACHUSETTS Fast Facts
• Largest Cities (2008): Boston, 609,023; Worcester, 175,011; Springfield, 150,640; Cambridge, 105,596;
Lowell, 103,615
• Targeted Industries: Creative Industries, Defense/Homeland Security, Financial Services, IT
• Key Incentives: Economic Development Incentive Program, John Adams Innovation Institute Fund,
Project Award Program
• GDP (All Industry 2008): $365 billion*
*Bureau of Economic Analysis, U.S. Department of Commerce
The Economic Development Incentive Program (EDIP) is a three-way partnership between the state, a municipality with an Economic Target Area, and a growing company. The company and the municipality must agree to a tax exemption schedule on future incremental real property taxes (a local tax reduction), after which the company obtains state approval for a 5% investment tax credit (a state income tax reduction). The duration of this incentive may range from five to 20 years. The Jobs Creation Incentive Payment is accessible to qualifying biotechnology or medical device manufacturing companies that create 10 or more eligible jobs in the state during a single calendar year. The company is entitled to an incentive payment equal to 50% of the eligible job's salary, multiplied by the applicable Massachusetts income tax rate of the newly hired persons. Through the Workforce Training Fund (WTF), businesses and labor organizations are eligible to receive matching grants of up to $250,000, and in some cases up to $1 million to help pay for critical, up-to-the-minute employee training for up to two years. Additionally, the fund provides technical assistance grants of up to $25,000 to help employers access assistance in identifying training needs, developing a training plan, curriculum, or other training-related activities. The Investment Tax Credit (ITC) is 3% of the cost of qualifying tangible property acquired, constructed, reconstructed, or erected during the taxable year, after federal tax deductions are taken on the property. The ITC also applies to property used by a lessor under an operating lease.MASSACHUSETTS State Incentives
Explore detailed community demographic information at ZoomProspector.com
2009 Business Facilities Rankings Report
Winds of Change in the Berkshires
