Maura Healey signed the Mass Leads Act. The new law invests just under $4 billion in new programs and incentives to make Massachusetts a global leader in emerging industries like climate-tech and applied artificial intelligence, as well as building the state’s preeminent position in the life sciences. Highlights of the Mass Leads Act include a $500 million capital reauthorization of the state’s renown Life Sciences Initiative, and an expansion of a tax credit program designed to spur job creation and growth in the life sciences industry. An investment of $400 million in the climate-tech industry will feature a new tax incentive. A $100 million initiative will create the Massachusetts AI Hub to boost innovation and attract AI talent to the state. Mass Leads includes several investments in infrastructure, including a $400 million reauthorization for the MassWorks program, which supports public infrastructure improvements, $100 million for the Seaport Economic Council to support growth in coastal communities, and $250 million for the new Mass Impact Fund to support large, transformational projects that have the potential to yield significant economic impact. “Massachusetts is the best state in the nation to live, work, go to school, raise a family and build a future. That’s in large part due to our commitment to investing in cutting-edge industries that produce transformative innovations and make life better for people.The Mass Leads Act builds on this leadership, positioning us to be the global hub for climate innovation and applied AI, while also growing our already world-renowned life sciences industry,” said Governor Healey. The Mass Leads Act builds upon fundamental strengths in Massachusetts. Its highly talented workforce supports an array of advanced industries, including life sciences, aerospace/defense/robotics, information tech, financial services, advanced manufacturing, and clean/green/blue tech. Massachusetts is home to over 100 colleges and six of the top 10 medical research facilities in the U.S. As a result, it receives the most basic research funding per capita in the nation. It also ranks first in the nation as a destination for venture capital on a per capita basis. These are key ingredients to the Massachusetts innovative economy. A talented workforce, an incredible concentration of best-inworld research institutions, and entrepreneurial depth drive new ideas, new technologies, and new job creation. Mass Leads, as well as long-standing programs such as the Workforce Training Fund grant program and the many financing programs offered by MassDevelopment, also provide support for the state’s many traditional industries, from food processing to commercial fishing (New Bedford has the nation’s largest commercial fishing fleet). 21 CIVIL AND MUNICIPAL VOLUME 06, ISSUE 04 MASS LEADS ACT
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