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.

This entry was posted on Tuesday, April 7th, 2009 at 9:18 am and is filed under Accounting, Massachusetts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.