Patrick talks up tax credit for biomedical research

Globe Staff

Governor Deval L. Patrick and Massachusetts life sciences groups are urging Bay State companies to apply for the Therapeutic Discovery Tax Credit, a new federal program that supports biomedical research.

"Limited to smaller companies (with 250 or fewer employees), the Therapeutic Discovery Tax Credit will be granted to biomedical research firms with projects that show significant potential to produce important new therapies, create high-quality jobs, and enhance US competitiveness," the groups said in a press release. "The tax credit is effective immediately and covers up to 50 percent of the cost of qualifying biomedical research. To allow startup companies to participate, applicants can take the money as a grant instead of a tax credit, providing an immediate cash infusion for companies looking to continue their innovative research."

More information is available on the website of the Massachusetts Life Sciences Center, which is looking to get the word out about the tax credit along with the Patrick administration and two other industry groups, MassBio, and MassMEDIC.

Patrick said in a statement: "This program will create jobs in our innovation economy in Massachusetts, but only if local companies apply. I encourage Massachusetts companies and entrepreneurs to take advantage of this exciting opportunity."

Patrick has made the creation of Massachusetts life sciences jobs a priority of his administration.