Press Room

Life sciences and climatetech among $4 billion in authorizations; support for small businesses, easing the nursing shortage, Everett stadium zoning, and ticket pricing transparency among policies

BOSTON (11/14/2024)—Today, the Massachusetts Legislature passed a sweeping economic development bill authorizing a nearly $4 billion infusion into the Commonwealth’s economy while making wide-ranging policy changes to make Massachusetts more competitive.

The bold investments in H.5100, An Act relative to strengthening Massachusetts’ economic leadership, will stimulate new and proven industries, support workforce development and talent retention, and modernize economic growth strategies. Provisions of the bill will support small businesses, communities, and cultural development, ensuring that businesses Main Streets across the Commonwealth benefit from the economic boost.

“Together with our efforts to bolster our workforce through making childcare more affordable and community college free to all, the passage of today’s bill takes yet another bold step to invest in and shape our continued economic vitality here in Massachusetts,” said Senate President Karen E. Spilka (D-Ashland). “Beyond the flashy headlines, the investments and policies in this bill are lasered focused on supporting our economic fundamentals to spur growth in every region of our state and continue to ensure that the Commonwealth is a great place to do business. I give my sincere thanks to Chair Finegold for his stalwart leadership, Senate Ways and Means Chair Rodrigues for his continued guidance, Senate members for their contributions to the bill, and Speaker Mariano and our colleagues in the House for their partnership in getting this done.”

“Through billions of dollars in critical investments and tax credits, this economic development bill provides support for small businesses, and for larger companies at the forefront of innovation in the clean energy and the life sciences sectors. Ultimately, this legislation will help to ensure that the Commonwealth remains a hub for the industries of the future, while also enhancing support for workers across Massachusetts,” said House Speaker Ronald J. Mariano (D-Quincy). “I want to thank Governor Healey for filing the bill originally, as well as Chairman Michlewitz and the conferees for the work that they did to guide it through the legislative process. Finally, I’m grateful to each of my colleagues in the House, as well as our partners in the Senate, for voting to send these vital investments to the Governor's desk for her signature.”

“This economic development bill maximizes assets and opportunities and ensures Massachusetts will continue to lead the way toward a robust, adaptable, and innovative future,” said Senator Barry R. Finegold (D-Andover), Senate Chair of the Conference Committee and Senate Chair of the Joint Committee on Economic Development and Emerging Technologies. “The bill provides meaningful investments in life sciences, climatetech, and small businesses. I want to thank my colleagues Senate President Spilka, Senate Ways and Means Chair Michael Rodrigues, House Ways and Means Chair Aaron Michlewitz, and my House counterpart, Representative Jerry Parisella, for their thoughtful collaboration on this legislation.” 

“This well-rounded economic development package makes significant, targeted investments into major sectors of the Commonwealth’s economy. By renewing our commitment to the life sciences industry, and by making significant new investments into ClimateTech, we will be elevating the Commonwealths economy to be able to compete and thrive for years to come,” said Representative Aaron Michlewitz, House Chair of the Conference Committee and the Chair of the House Committee on Ways & Means (D-Boston). “I want to thank Speaker Mariano, Chair Parisella, and all my colleagues in the Legislature for their hard work and dedication in getting this legislation over the finish line.”

“I’m thrilled that after a productive and deliberative process, the conference committee has come to a consensus agreement on the economic development bond bill,” said Senator Michael J. Rodrigues (D-Westport), Senate conferee and Chair of the Senate Committee on Ways and Means. “This far-reaching legislation makes strategic long-term investments in key sectors of our state’s economy. With ambitious initiatives in life sciences, robotics, AI, and other cutting-edge disciplines, we lay a strong foundation for the new and global economy for generations to come. While we look to the future, the bill also reinforces the traditional economic drivers of the Commonwealth, notably small business, education, agriculture, and advanced manufacturing. This comprehensive legislation also reaffirms the Legislature’s commitment to regional equity. I thank my fellow conferees, and especially Senator Feingold, for their commitment to getting this important legislation finalized.”

"I’d like to thank Speaker Mariano, Chairman Michlewitz and my fellow conference committee members for their hard work on this $3.9 billion economic development bill. This legislation will ensure the Commonwealth can inject millions of dollars into critical sectors, develop the state’s workforce, grow our economy, and make Massachusetts more competitive,” said Representative Jerry Parisella (D-Beverly), House conferee and House Chair of Joint Committee on Economic Development and Emerging Technologies. “Policy provisions include permitting reforms, educator diversity, consumer protections around ticketing and home improvement contractors, workforce training & rural development. These, along with meaningful tax credits and incentives for life sciences & climatetech will help keep Massachusetts a leader in vital industries.”

“I’m proud to have worked with my colleagues on the conference committee to finalize a comprehensive piece of legislation that will promote job creation and support economic development throughout the Commonwealth,” Representative David K. Muradian, Jr. (R-Grafton), House conferee and Ranking Minority, Joint Committee on Economic Development and Emerging Technologies. “This bill makes significant and targeted investments in capital projects, the life sciences, and other industries, while also taking steps to support small businesses and alleviate some of the workforce challenges facing the state’s healthcare sector. I’m particularly happy with the bill’s inclusion of $400 million in funding for the MassWorks Infrastructure Program, which has helped to support critical public infrastructure projects in my district and in communities across the state.”

Bond Authorizations

The legislation includes a total of $3.96 billion in capital authorizations for leading Massachusetts industries including life sciences and climatetech.

Climatetech investments. The bill provides $400 million in capital resources to the MassCEC (Massachusetts Clean Energy Center) to utilize over the next ten years, with $200 million authorized to support innovation and deployment of climatetech technologies and $200 million to support the offshore wind industry. 

It also establishes a new tax credit to invest in climatetech companies. A new program housed at MassCEC will develop and expand employment opportunities in climatetech and promote climatetech-related economic development by supporting and stimulating research, development, innovation, manufacturing, deployment and commercialization in the climatetech sector. The credit will be subject to a $30 million annual cap.

Life sciences. This legislation authorizes $500 million over ten years for the Life Sciences Breakthrough Fund to reauthorize the Commonwealth’s life sciences initiative.

Known as Life Sciences 3.0, the reauthorization adds health equity, biosecurity, digital health, and artificial intelligence to the mission of the Life Sciences Center. The bill increases the annual tax credit authorization for the life sciences industry from $30 million to $40 million.

Additional authorizations include:

• $400 million for the MassWorks Infrastructure Program to support public infrastructure projects and create jobs;
• $150 million for library construction projects;
• $103 million for artificial intelligence in systems across the state;
• $100 million for infrastructure improvements in rural communities;
• $21 million for resilience in agriculture and fishing; and
• $40 million for food science innovations, including $10 million to support the state’s nascent alternative protein industry.

Policy Changes

Numerous policy changes in the legislation targeted at growing the Massachusetts economy include:

Support for small businesses. The bill restructures two quasi-state agencies that are designed to be the gateway for access to state resources, the Massachusetts Growth Capital Corporation (MGCC) and Massachusetts Development Finance Agency (MassDevelopment).

The legislation also authorizes a five-year pilot program for the Commonwealth to assist small businesses in acquiring surety bonds. Large capital projects, whether public or private, often require retention of a surety bond by the contractor as financial security. Historically, economically and socially disadvantaged businesses often cannot acquire these bonds because of a lack of credit history or collateral. This program creates a self-sustaining state assistance program to open doors for more of these businesses.

Educator diversity. It allows the Department of Elementary and Secondary Education (DESE) to develop an alternative certification process for teachers who may face challenges passing the educator certification exam but can otherwise demonstrate their competence as teachers. The change will help Massachusetts diversify the K-12 educator workforce.

Live theater tax credit. It launches a new tax credit of up to $7 million annually to support local live theater productions. The credit will help Massachusetts artists working towards Broadway or off-Broadway launch a national tour.

Craft beer at farmers markets. The legislation updates the law to allow for locally produced craft beer to be sold at farmers markets, like wine and cider currently.

Ticketing transparency. It requires ticket sellers to clearly disclose the actual ticket price when listing tickets online and bans automated ticket purchasing software, otherwise known as bots. Bots drive up prices in the secondary market by creating artificial scarcity when fans try to purchase tickets from the artist or venue.

Professional soccer stadium and environmental cleanup in Everett. It allows for the construction of a professional soccer stadium and waterfront park on a parcel of land in Everett by removing the parcel’s classification as a designated port area. The change is expected to have positive environmental and economic impacts in surrounding communities as well as improve public transit connectivity.

Public funding for the construction of the stadium is not allowed, and funding for public infrastructure improvements associated with the stadium would require matching private funds. The language also requires community mitigation agreements with the cities of Everett and Boston. 

Strengthening local and regional public health systems. It overhauls the state’s fragmented public health system to ensure strong public health protections for all residents regardless of race, income, or zip code.

Honoring Mayor Menino. The bill renames the Boston Convention and Exhibition Center the Thomas Michael Menino Convention and Exhibition Center.

Pathway for foreign-trained physicians. It creates a pathway in Massachusetts for physicians previously authorized to practice medicine outside the United States to practice in an underserved region of the Commonwealth.

Nurse licensure compact. It includes a provision to admit Massachusetts in the national nurse licensure compact, which will help alleviate the critical workforce challenges facing the health care sector.

Civil service reforms. This legislation modernizes Massachusetts civil service laws to give communities more options in filling vacancies while giving qualified job seekers more opportunities to find a match.

Data centers tax credit. It creates a new tax credit to attract investment in qualified data centers.

Childcare as campaign expense. It removes current limitations on political candidates using campaign funds for childcare services that occur because of campaign activities.

FAFSA. The bill requires each school district to notify students prior to graduating from high school of the availability of FAFSA (Free Application for Federal Student Aid) and to provide students with information on financial aid options.

Liquor license equity. It removes an archaic requirement that a restaurant liquor license holder be a United States citizen, thereby creating a pathway for other qualified immigrants.

Project labor agreements. It authorizes public agencies and municipalities to enter into project labor agreements for public works contracts when such an agreement is in the best interest of the public agency or municipality.

Sustainability for farmers. Finally, the bill allows farmers to diversify how they use their farms, including using land for agritourism and selling goods made from produce they have grown themselves.

Having been passed by both chambers, the legislation now goes to the Governor’s desk for her signature.

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