To provide for a program of economic development and job creation, the sum set forth in section 2, for the several purposes and subject to the conditions specified in this act, is hereby made available, subject to the laws regulating the disbursement of public funds; provided, however, that the amounts specified in an item or for a particular project may be adjusted in order to facilitate projects authorized in this act. This sum shall be in addition to any amounts previously authorized and made available for these purposes.

SECTION 2.

EXECUTIVE OFFICE OF HOUSING AND ECONOMIC DEVELOPMENT

Massachusetts Life Sciences Center

7002-0015  For the Massachusetts Life Sciences Investment Fund established by section 6 of chapter 23I of the General Laws to achieve continued job growth through capital grants that advance education, workforce development, early-stage company growth through spaces dedicated to life sciences companies, advanced bio-manufacturing and scientific innovation………………………….$295,000,000

SECTION 3.  To meet the expenditures necessary in carrying out the provisions of section 2, the state treasurer shall, upon receipt of a request by the governor, issue and sell bonds of the commonwealth in an amount to be specified by the governor from time to time, but not exceeding, in the aggregate, $295,000,000. All bonds issued by the commonwealth, as aforesaid, shall be designated on their face, Life Sciences Center Capital Improvement Loan Act of 2018, and shall be issued for a maximum term of years, not exceeding 30 years, as recommended by the governor in a message to the general court dated June 19, 2017, under Section 3 of Article LXII of the Amendments to the Constitution; provided, however that all such bonds shall be payable not later than June 30, 2053. All interest and payments on account of principal on such obligations shall be payable from the General Fund. Bonds and interest thereon issued under the authority of this section shall, notwithstanding any other provisions of this act, be general obligations of the commonwealth.

SECTION 4.  Section 5 of chapter 23I of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by striking out, in line 92, the figure “$25,000,000” and inserting in place thereof the following figure:- $30,000,000.

SECTION 5.  Section 6 of chapter 62 of the General Laws, as so appearing, is hereby amended by striking out, in line 940, the figure “$25,000,000” and inserting in place thereof the following figure:- $30,000,000.

SECTION 6.  Section 38CC of chapter 63 of the General Laws, as so appearing, is hereby amended by striking out, in line 20, the figure “$25,000,000” and inserting in place thereof the following figure:- $30,000,000.

SECTION 7.  Chapter 130 of the acts of 2008 is hereby amended by striking out section 49 and inserting in place thereof the following section:-

SECTION 49.  The value of any tax incentive award under the life sciences tax incentive program established in subsection (d) of section 5 of chapter 23I of the General Laws which extends beyond December 31, 2028, including carry-forwards of losses or credits, shall be taken into account during the year awarded and the full amount of such tax benefits potentially realized in periods after December 31, 2028 shall be counted against the annual ceilings for years ending prior to January 1, 2029. Tax incentives authorized pursuant to the life sciences tax incentive program shall count toward the $30,000,000 annual ceiling only if they are not otherwise available to a taxpayer.

SECTION 8.  Section 54 of said chapter 130, as most recently amended by section 57 of chapter 46 of the acts of 2013, is hereby further amended by striking out the date, “December 31, 2018” and inserting in place thereof the following date:- December 31, 2028.

SECTION 9.  To provide for the continued availability of a bond-funded spending authorization that otherwise would expire, the balance of item 7002-0015 and any allocations thereof shall be extended through June 30, 2018 for the purposes of, and subject to, the conditions stated for the item in the original authorization, as amended to date.

SECTION 10.  Sections 4 to 7, inclusive, shall take effect on January 1, 2019.

SECTION 11.  Except as otherwise specified, this bill shall take effect upon enactment.