By Sam Larson
Vice President, Government Affairs
Late in the evening of Thursday, July 11, the Massachusetts State Senate unanimously adopted a sweeping $2.86 billion economic-development package. The bulk of the spending in the bill is earmarked to support the life-sciences and climate-technologies industries. The legislation contains dozens of new policies on topics ranging from juvenile criminal justice to eclectic-vehicle charging.
AIM’s Government Affairs team has a breakdown of some of the key elements of the bill:
- Decreased Life-Sciences Funding-The Senate scaled back proposed investments in life sciences, dedicating far less money than what Governor Healey requested or that the House of Representatives had previously allocated. The Senate bill borrows $225 million to support the industry over five years, less than half of the $500 million over a decade allocated in the House bill. The Senate bill also would not increase the annual cap on life sciences tax incentives from $30 million to $50 million.
- Climate Technology- The Senate aligned with the House on funding to support the burgeoning climate-tech industry. The economic-development bill contains $400 million in borrowing and a $30 million annual tax incentive to help support climate- tech companies. The bill uses the successful life-sciences tax credits as model to support a growing industry.
- Digital Right to Repair-The Senate adopted a controversial amendment that would mandate that manufacturers of portable devices like smart phones make tools, documentation, and information available for owners. Industry groups have long argued that these requirements would publicly expose trade secrets and sensitive information.
- Everett Professional Soccer Stadium-The Senate bill paved the way for the construction of a professional soccer stadium in Everett. The Kraft Group has long sought a Great Boston area home for the New England Revolution and an adopted Senate amendment allows for land in Everett to be used for a professional stadium.
- Happy Hour- The Senate adopted an amendment from Senator Julian Cyr that would allow cities and towns the option to create local happy hours and allow bars and restaurants to sell discounted drinks for specified periods of time.
House and Senate negotiators will now meet to hammer out a compromise economic-development bill.
