CBIZ Tofias has helped several of its life sciences clients in Massachusetts gain $2.5 million in tax incentives from the state government.
Located in Cambridge, CBIZ Tofias guided its life sciences clients through Massachusetts’ Life Sciences Tax Incentive Program, including preparing their applications and assisting them in obtaining the incentives. CBIZ Tofias’ clients were awarded a total of $2.54 million in tax incentives, accounting for more than 10 percent of the $23.9 million recently announced by the Massachusetts Life Science Center. In addition, 100 new jobs will be created in the state as a direct result of the company’s work with its life sciences clients.
The life science and state and local income tax expertise at CBIZ Tofias enabled the firm to advise companies on benefits such as the monetization of net operating loss and tax credit carryforwards available through the program.
“We are thrilled to learn that the clients we assisted in obtaining these tax incentives have been awarded significant incentive amounts and are committed to substantial job creation in the Massachusetts life sciences sector,” stated Michael Corrente, managing director in charge of the life sciences tax practice at the firm.
This is the second year of the program, and CBIZ Tofias has worked with Massachusetts-based life science companies each year to earn significant tax incentives.
CBIZ Tofias said it is available to assist other life science companies in the application process in the next round of the program, or with other tax matters affecting life science companies.
The Life Sciences Tax Incentive Program, established in 2008 as part of the state’s 10‐year, $1 billion Life Sciences Initiative, authorizes up to $25 million in tax incentives each year for companies engaged in life sciences research and development, commercialization and manufacturing. The primary goal of the program is to entice life sciences companies to create new sustained jobs in Massachusetts.
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