We’ve been keeping close track of the Massachusetts Privacy Law, with some recent comments specifically about the compliance work nonprofits will need to perform.  Halfway to the deadline, now, and we encourage organizations of all types to do a quick check of where they stand, as the penalties for noncompliance will be steep.

To get more information, you can also check out this archived MFA webinar.

A reminder that May is fast approaching, and with it comes the deadline for companies to apply to be considered for the Massachusetts Life Sciences Tax Incentive Program. That date is May 15, and qualifying companies will benefit from the $1 billion investment Massachusetts is making in life sciences over 10 years.

Specific tax incentives include an Investment Tax Credit for 10% of the cost of qualifying property, of which 90% may be refundable, as well as new credits for certain R&D, changes to existing R&D credits (again, of which 90% may be refundable) and an extension of the Net Operating Loss carryforward from 5 to 15 years.

We outline these incentives and more in this Tax Alert, and of course feel free to comment or contact us with questions.

In November of last year we called attention to pending changes to the privacy law in Massachusetts that protects state residents’ personal information, and we’ve also just come out with a Perspectives article that details the steps to compliance.  However, good news for companies who deal with this kind of personal data: On February 12, 2009, the Massachusetts Office of Consumer Affairs and Business Regulation (“OCABR”) once again revised its personal information security regulations and postponed the effective date until January 1, 2010.

This means more time to digest the new regulations and act accordingly.  To that end, we’ve scheduled a webinar to review the standards on Tuesday, March 10, and we invite you to register and listen in.  We will be sure to report back after the online event!