Rep. Stanley Helps Pass Economic Development Bill

(BOSTON) – Representative Tom Stanley (D-Waltham), Representative John Lawn (D-Watertown) and Senator Michael Barrett (D-Lexington) joined their colleagues in the Massachusetts Legislature to pass an economic development bill that will enhance the state’s position as a global economic competitor and support residents through education programs.

For the first time, this legislation creates an education tax incentive program (529 plan) which will allow single filers to take a $1,000 tax deduction on contributions to college savings accounts.

“This legislation will help our state remain on solid footing and prepare for a bright future,” said Representative Tom Stanley.  “The programs in this bill will complement one another and, in doing so, support residents from all backgrounds and businesses of many different industries. I am particularly proud of the parking management program the Waltham Legislative Delegation was able to get included into the bill.  Under this provision, Waltham would be eligible to receive funds for the study and implementation of a parking management plan.”

“The $500 million in new MassWorks grant funding contained in this conference report will serve as a major boost to projects in the greater Waltham area as well as in cities and towns across the state,” said Representative John Lawn. “This funding and the other innovative programs contained in the bill will grow jobs and unlock opportunity in every corner of the Commonwealth.”

“Through targeted investments and policy initiatives, this legislation will provide the tools necessary to foster continued growth in the innovation economy, strengthen the manufacturing sector, support housing and infrastructure upgrades, and supply the training and equipment needed for workforce development throughout the state,” said Senator Michael Barrett.

Recognizing the unique role that early-growth companies and emerging sectors have in revitalizing the economy, this bill includes numerous provisions to support the innovation ecosystem including:

·         Creates the Angel Investor Tax Credit to incentivize investment and foster growth in newly formed start-ups in Massachusetts. Investors are eligible for a 20 percent credit of the qualifying angel investment and 30 percent if the recipient business is located in a Gateway City.

·         Allows for $500 Million in bonding authorization for the MassWorks Infrastructure program.

·         Establishes the Digital eHealth Institute, which will be run by the Massachusetts Technology Collaborative in coordination with the Secretary of the Executive Office of Housing and Economic Development, to enhance the state’s rapidly emerging e-health cluster.

·         Authorizes $4.5 Million to launch the Cybersecurity and Data Analytics Technology Department & Training Center. This organization will bring together universities, government and private industry participants to bolster the Commonwealth’s data analytics and cybersecurity sectors.

The legislation takes multiple steps to further develop talent, support students and keep graduates in Massachusetts. It authorizes:

·         $45 million for Workforce Skills Capital Grants;

·         $71 million the National Network for Manufacturing Innovation Funding;

·         $30 million for the Advanced Manufacturing, Technology and Hospitality Training Trust Fund;

·         $2.4 million for the Early College High School Initiative, a program that encourages partnerships between regional school districts and institutions of public higher education.

This bill also authorizes:

·         $15 million for the Innovation Infrastructure Fund, a new grant and loan program aimed at spurring entrepreneurship across the state, particularly through the use of co-working spaces and innovation centers;

·         $45 million for the Brownsfields Redevelopment Fund;

·         $45 million for the Transformative Development Fund, a program that makes equity investments in major development programs in Gateway Cities.

·         $250,000 to provide major job centers of the Commonwealth, municipalities seeing more than 30,000 daily visitors, with assistance to address downtown parking challenges.

The bill authorizes $15 Million for the Smart Growth Housing Trust Fund. The bill will be signed into law by Governor Baker on August 10, 2016 in a bill-signing ceremony at the State House.