State Renews Law to Boost Biotechnology Sector

BOSTON (AP) — Gov. Charlie Baker has signed a bill that seeks to continue the state’s commitment to the life sciences industry over the next five years.

The governor and lawmakers say the legislation will help Massachusetts remain a global leader in biotechnology by providing up to $623 million in bond authorizations and tax credits for education, research and development, and workforce training.

A $1 billion, 10-year life sciences initiative launched by former Democratic Gov. Deval Patrick is set to expire at the end of this year. The Massachusetts Life Sciences Center has provided tax credits to more than 200 companies during that time.

Baker, a Republican, signed the new measure on Friday at Bunker Hill Community College.

He says the reauthorization will help the state continue attracting world-class companies.

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