Massachusetts House passes major life sciences bill

The Massachusetts House nearly unanimously approved a bill to support the state’s life sciences industry, legislation which hews closely to the $1 billion, ten-year initiative launched by Gov. Deval Patrick in 2007.

The House vote coincided with a press conference to tout an upcoming international biotech conference in Boston, which could give Gov. Charlie Baker an opportunity to sign an industry-friendly bill into law at the industry’s largest gathering of the year.

The bill (H 4501) provides about $463 million in new capital authorizations for the state Life Sciences Capital Fund, with an emphasis on capital grants to increase diversity and opportunity in the Massachusetts life sciences and biotech industries, and extends for another decade a life sciences tax incentive program currently scheduled to expire at the end of 2018.