BOSTON—State Senator Jason Lewis joined his colleagues in the Massachusetts Senate to unanimously pass a comprehensive economic development bill intended to extend Massachusetts’ global leadership in life sciences and biotech, climate technology, and other sectors of the economy.
An Act relative to strengthening Massachusetts’ economic leadership will promote the growth of new and existing industries, support workforce development and talent retention, and modernize various economic development programs. The support extends to small businesses, communities, and cultural development, ensuring that Main streets across the Commonwealth benefit from the economic boost.
“Promoting economic development, especially in high growth sectors, creates new business and job opportunities and strengthens our communities,” said State Senator Jason Lewis. “I’m proud that our state legislature in partnership with Governor Healey is able to work on a bipartisan basis to make Massachusetts even more competitive and attractive for both businesses and workers.”
Key provisions of this economic development legislation include:
- Maintaining Massachusetts’ global life sciences leadership by authorizing up to $225 million over five years for the Life Sciences Breakthrough Fund, and adding health equity, biosecurity, digital health, and artificial intelligence to the mission of the Massachusetts Life Sciences Center.
- Encouraging the growth of climate tech companies in Massachusetts by authorizing up to $200 million for the Clean Energy Investment Fund and a further $200 million for the Massachusetts Offshore Wind Industry Investment Trust Fund. Additional incentives include a climate tech tax credit, a climate tech jobs credit, and a climate tech research credit.
- Promoting local economic development by authorizing $400 million for the MassWorks infrastructure program; $90 million to support the redevelopment of underutilized, blighted, or abandoned buildings; $50 million for the Cultural Facilities Grant Fund; $150 million for capital grants for public libraries; $100 million for other local economic development grants to cities and towns; and more.
- Accelerating AI and advanced manufacturing by authorizing up to $115 million for the Massachusetts Tech Hub to establish key industry consortia across the Commonwealth; $100 million for the Applied AI Hub program; and more.
- Retaining talented college graduates by authorizing up to $85 million for the Massachusetts Education Financing Authority to improve access to affordable higher education opportunities, and promoting internships for students and recent graduates through the employer internship tax credit.
- Supporting small businesses by authorizing up to $35 million for grants to Community Development Financial Institutions to help disadvantaged and underserved businesses; $25 million for MassVentures for small business technology grants to help early-stage companies commercialize new technologies; and more.
The bill also includes a provision championed by Senator Lewis to create a pathway to licensure for foreign-trained physicians. This initiative is designed to address the shortage of healthcare professionals and improve patient access to high quality care.
During debate on the Senate floor, Senator Lewis was also successful in increasing the capital funding authorization for Zoo New England (which includes the Stone Zoo in Stoneham) from $10 million to $15 million.
A Conference Committee will now be appointed to reconcile differences between the different versions of the economic development bills passed by the Senate and House of Representatives, before a final version of the legislation is sent to Governor Healey for her signature.
