Massachusetts

Quick Facts

Massachusetts Governor Deval Patrick

Massachusetts Governor Deval Patrick

 

  • Capital: Boston
  • Population (2012 Est.): 6,646,144
  • Largest Cities (2012): Boston, 636,479; Worcester, 182,669; Springfield, 153,552; Lowell, 108,522
  • Targeted Industries: Clean Energy, Creative Economy, IT, Defense, Financial Services, Life Sciences, Advanced Manufacturing
  • GDP (All Industry 2012): $403.8 billion*

*Bureau of Economic Analysis, U.S. Department of Commerce

massachusetts

Incentives

FINANCING

Brownfields Redevelopment Fund: Created in 1998 to encourage the reuse of Brownfields in Economically Distressed Areas (EDAs) throughout Massachusetts. Brownfields are vacant, abandoned or underutilized industrial or commercial properties where expansion, redevelopment or improvement is complicated by real or perceived environmental contamination and liability. MassDevelopment administers the Brownfields Redevelopment Fund programs.

  • The Brownfields Site Assessment Program – Provides unsecured, interest free financing up to $100,000 for environmental assessment of Brownfields.
  • The Brownfields Remediation Loan Program – Provides flexible loans up to $500,000 for environmental cleanup of Brownfields.

When your site is ready for redevelopment, MassDevelopment can provide a real estate loan or tax-exempt bond to finance your project. The staff can also provide information on accessing other state, federal and private-sector assistance and identifying Licensed Site Professionals. As of April 12, 2013, the Brownfields Redevelopment Fund is fully committed and not able to fund new requests. Please speak with a MassDevelopment representative about how we may be able to assist your project.

Green Loan Program: Bridges the gap between energy efficiency project costs and the rebates or subsidies provided by utility companies and state/federal incentive programs. To be eligible, an organization must be a non-profit or for-profit business in Massachusetts that has been in existence for at least five years and demonstrates an ability to repay the loan.

  • Loans are available in the amounts of $50,000 to $500,000 and are net of project-related rebates or subsidies.
  • Loans may only be made for projects that receive approval for a utility rebate under a public utility sponsored energy efficient program authorized by the Massachusetts Department of Public Utilities or approval for a subsidy from a state/federal energy efficiency incentive.

Funds may be used for:

  • HVAC replacements or improvements
  • Windows, insulation, and other building improvements
  • Lighting
  • Energy control systems
  • Chillers and Boilers
  • Hot water heaters
  • Photovoltaic panels

Emerging Technology Fund (ETF): Targets technology companies that are starting up or expanding manufacturing in Massachusetts by providing financing for manufacturing facilities and equipment. It offers loans or loan participations up to $2,500,000 and loan guarantees up to $1,000,000. Companies that receive ETF financing must have strong management teams, demonstrated technical feasibility, market demand for their products and a proven fundraising record. To qualify for ETF financing:

  • Borrower must be a technology company starting or expanding manufacturing operations in Massachusetts
  • Financing must be for the purchase, expansion or improvement of real estate, and/or the purchase of equipment
  • There must be at least two other parties at risk
  • Financial investment must benefit the Massachusetts economy

Community Service 501(C)(3) Loan Fund: Flexible financing for capital improvements for community-based nonprofit organizations such as elder care centers, daycare facilities, community centers and girls’ and boys’ clubs. The fund will provide loans ranging from $100,000 up to $500,000. Eligible applicants must be registered as a Massachusetts-based 501(c)(3) organization; have an operating budget of less than $5 million for each of the last five years; provide social, youth or family services; primarily work in underserved or disadvantaged communities; and, be ineligible for financing under existing loan programs.

MA Cultural Facilities Fund (CFF): An initiative of the Commonwealth to increase public and private investment in cultural facilities throughout the state. The Program is administered jointly with the Massachusetts Cultural Council and three types of grant programs are available:

  • Capital Grants for expenses related to acquisition, design, construction, repair, renovation and rehabilitation of other capital improvements or deferred maintenance of a cultural facility
  • Feasibility and Technical Assistance Grants for expenses related to planning and feasibility assessment for a cultural facility
  • Systems Replacement Grants for expenses to undertake the production of 20-year capital needs assessments of their buildings and mechanical systems

All Fund grants must be matched by contributions from the private or public sector and are available to:

  • Nonprofit 501(c) 3 organizations primarily engaged in the arts, humanities or interpretive sciences. Eligible facilities include, but are not limited to, museums, historic sites, zoos, aquariums, theaters, concert halls, exhibition spaces, classrooms and auditoriums, and must be owned, leased or used by one or more nonprofit cultural organizations and accessible to the public
  • Public/private institutions of higher education that own cultural facilities providing service and open access to the community and the general public beyond their educational mission and demonstrate financial need
  • Municipalities that own cultural facilities provided that the cultural facility is at least 50,000 square feet, and 50 percent devoted to cultural purposes

Small Farm Loan Program: To help small farmers in Massachusetts finance projects that improve their operations and increase their income, MassDevelopment and The Carrot Project have teamed together to offer a small farm loan program that provides loans ranging from $3,000 to $35,000. Eligible farmers will own or lease farms in Massachusetts.

Tech Dollars: MassDevelopment offers a special loan program to help non-profit 501(c) 3 organizations purchase and install technology equipment. TechDollars provides loans from $25,000 to $250,000 and 100% of cost of purchase of new or used telecommunications and IT equipment and installation costs. To be eligible, the borrower must be a Massachusetts 501(c) 3 organization and equipment purchased must be installed in facilities located in the state.

TAX INCENTIVES 

New Market Tax Credits (NMTC): Program was created specifically to stimulate investment in designated low-income communities. MassDevelopment assesses potential NMTC projects for both non-profit and for-profit businesses, including, but not limited to, community and health centers, retail and office space projects, performing arts centers, mixed-use projects and light industrial use centers.

Life Sciences Tax Incentive Program: Massachusetts Life Sciences Center is pleased to announce that it is offering tax incentives to companies engaged in life sciences research and development, commercialization and manufacturing in Massachusetts.

Economic Development Incentive Program (EDIP): A tax incentive program designed to foster job creation and stimulate business growth throughout the Commonwealth. Participating companies may receive state and local tax incentives in exchange for job creation, manufacturing job retention and private investment commitments.

Massachusetts Investment Tax Credit (ITC): Offers a 3% credit for qualifying businesses against their Massachusetts corporate excise tax.

Tax Increment Financing (TIF): Massachusetts’ version of TIF allows municipalities to provide flexible targeted incentives to stimulate job-creating development.

R&D Tax Credit: Massachusetts offers a tax incentive for research and development investment for both manufacturers and R&D companies. This tax incentive was designed to remove any obstacles to R&D investment and spur growth and innovation throughout the Commonwealth.

Investment Tax Credit (ITC): Offers a 3% credit for qualifying businesses against their Massachusetts corporate excise tax. The credit is to be used for the purchase and lease of qualified tangible property used in the course of doing business. The ITC can reduce the cost of expansion, includes a carry forward provision and is considered a permanent incentive.

Single Sales Factor: Tax apportionment that significantly reduces the tax burden for manufacturers and other qualifying companies and may apply to the following types of companies that have multi-state tax filings:

  • Manufacturing companies
  • Qualifying defense contractors
  • Qualifying financial service providers

WORKFORCE DEVELOPMENT

Workforce Training Fund (WTF): Provides grants up to $250,000 to upgrade skills of new or incumbent workers. The Hiring Incentive Training Grant provides up to $5,000 in training funds for hiring eligible unemployed workers.

State Listings

  • Massachusetts Alliance for Economic Development

    Susan Houston
    Executive Director
    101 Walnut Street
    Watertown, MA Watertown
    P: 617-924-4600, ext. 11
    [email protected]
    www.massecon.com
  • Massachusetts Office of Business Development

    Rosemary Scrivens 
    Regional Director
    89 Shrewsbury Street, Suite 300
    Worcester, MA 01604
    P: 508-792-7506
    [email protected]
    www.mass.gov/mobd
  • Massachusetts Office of International Trade & Investment (MOITI)

    C. Richard Elam
    Executive Director
    Boston Fish Pier, 212 Northern Avenue, East Building I, Suite 300
    Boston, MA 02210
    P: 617-830-5400
    [email protected]
    www.mass.gov/hed/economic/eohed/moiti/
  • MassDevelopment

    Marty Jones
    President & CEO
    99 High Street
    Boston, MA 02110
    P: 800-445-8030
    [email protected]
    www.massdevelopment.com

Utility Listings

  • National Grid

    #
    #
    25 Research Drive
    Westborough, MA 01582
    P: 508-389-2000
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    www.nationalgridus.com

Regional Listings

  • Berkshire Regional Planning Commission

    Nathaniel Karns
    Executive Director
    1 Fenn Street, Suite 201
    Pittsfield, MA 01201-6629
    P: 413-442-1521, ext. 26
    [email protected]
    www.berkshireplanning.org
  • Cape Cod Commission

    Leslie Richardson
    Chief Economic Development Officer
    3225 Main Street, P.O. Box 226
    Barnstable, MA 02630
    P: 508-744-1223
    [email protected]
    www.capecodcommission.org
  • Economic Development Council of Western Massachusetts

    Michael Graney
    Senior Vice President of Business Development
    1441 Main Street
    Springfield, MA 01103
    P: 413-755-1300
    [email protected]
    www.westernmassedc.com
  • Initiative for a Competitive Inner City

    Matthew Camp
    President
    184 Dudley Street, Suite 400
    Roxbury, MA 02119
    P: 617-238-1740
    [email protected]
    www.icic.org
  • Merrimack Valley Economic Development Council, Inc.

    David A. Tibbetts
    President
    Osgood Landing, 1600 Osgood Street
    North Andover, MA 01845
    P: 978-975-8787
    [email protected]
    www.merrimackvalley.info
  • Metropolitan Area Planning Council

    Marc Draisen
    Executive Director
    60 Temple Place
    Boston, MA 02111
    P: 617-451-2770, ext. 701
    [email protected]
    www.mapc.org
  • North Central Massachusetts Economic Development Council

    David McKeehan
    President
    860 South Street
    Fitchburg, MA 01420
    P: 978-353-7607, ext. 225
    mckeehan[email protected]
    www.ncmedc.com
  • SouthCoast Massachusetts

    Jennifer Menard
    Executive Director
    University of Massachusetts Dartmouth, 285 Old Westport Road
    Dartmouth, MA 02747
    P: 508-999-8412
    [email protected]
    www.southcoastdev.org
  • Southeastern Regional Planning & Economic Development District

    Donald Sullivan
    Economic Development/Community Development Director
    88 Broadway
    Taunton, MA 02780
    P: 508-824-1367, ext. 316
    [email protected]
    www.srpedd.org
  • Team New England

    David C. Driver
    Managing Director – Regional Development
    107 Selden Street
    Berlin, CT 06037
    P: 860-665-6312
    [email protected]
    www.teamnewengland.com
  • Worcester Regional Chamber of Commerce

    Timothy P. Murray
    President & CEO
    446 Main Street, Suite 200
    Worcester, MA 01608
    P: 508-753-2924, ext. 244
    [email protected]
    www.worcesterchamber.org

County Listings

City Listings

  • Attleboro Redevelopment Authority

    Gary Ayrassian
    Director of Planning & Development
    City Hall, 77 Park Street
    Attleboro, MA 02703
    P: 508-223-2222, ext. 3143
    [email protected]
    www.cityofattleboro.us/planning/
  • Cambridge Community Development Department

    Chris Basler
    Project Planner
    344 Broadway
    Cambridge, MA 02139
    P: 617-349-4601
    [email protected]
    www.cambridgema.gov
  • City of Haverhill

    William Pillsbury
    Economic Development Director
    City Hall, 4 Summer Street, Room 100
    Haverhill, MA 01830
    P: 978-374-2330
    [email protected]
    www.ci.haverhill.ma.us
  • City of Lowell

    Theresa Park
    Director
    50 Arcand Drive, 2nd Floor
    Lowell, MA 01852
    P: 978-674-4252
    [email protected]
    www.lowellma.gov
  • City of Worcester Division of Business Assistance

    Paul Morano
    Director of Business Assistance
    City Hall, 455 Main Street
    Worcester, MA 01608
    P: 508-799-1400, ext. 264
    [email protected]
    www.worcestermass.org
  • Pittsfield Economic Development Authority (PEDA)

    Corydon L. Thurston
    Executive Director
    81 Kellogg Street
    Pittsfield, MA 01201
    P: 413-494-7332
    [email protected]
    www.pittsfieldeda.org
  • Springfield Office of Planning & Economic Development

    Brian M. Connors
    Deputy Director, Economic Development
    70 Tapley Street
    Springfield, MA 01104
    P: 413-787-6020
    [email protected]
    www.springfieldcityhall.com
  • Taunton Office of Economic & Community Development

    Kevin J. Shea
    Executive Director
    45 School Street
    Taunton, MA 02780
    P: 508-821-1030
    [email protected]
    www.taunton-ma.gov