October 20, 2003
ROMNEY WORKS FOR RESURGENCE OF MASSACHUSETTS ECONOMY
Pushes proposal to provide tax rebates to companies that create manufacturing jobs
WORCESTER – Bringing his campaign to create more jobs to Central Massachusetts, Governor Mitt Romney today highlighted his proposal to provide tax rebates to companies that create new manufacturing jobs in the biotechnology, life sciences and medical device industries.
“We want to encourage companies that create and develop their ideas in our Commonwealth to stay and manufacture their products here,” Romney said after touring the Massachusetts Biomedical Initiatives Incubator Park.
He added, “My proposal, which is part of the jobs bill I filed, will help businesses expand and give them incentives to stay right here in Massachusetts as they move from the lab to the factory floor.”
Romney’s economic development bill provides companies in the biotechnology, life sciences and medical device industries with a tax rebate for each new manufacturing job. Romney’s proposal will provide eligible companies with 50 percent of the state income tax they pay for 10 or more new employees.
Romney noted that many R&D firms are attracted to the Bay State for our dense concentration of research universities and skilled workforce. But once they have a product developed, they move out of state or out of the country to manufacture it because costs are lower.
“Massachusetts is the premier state in the world as far as knowledge,
expertise and infrastructure for the biotechnology and biopharmaceutical industry,” said Steve Parkinson, President and CEO of Worcester-based CereMedix, Inc. “That is why CereMedix is based here.”
He added, “We are now embarking on the search for the best location for our planned manufacturing operation and are looking at many states and countries that are offering significant incentives. The Governor’s initiative to attract manufacturing to locate in Massachusetts helps enormously. We are based here so we would rather stay in our own backyard to manufacture provided the option is made competitive.”
“If you create a product here, I want you to make that product here,” Romney said.
“I applaud the Governor’s support of the biotech industry and the good jobs that our companies in Worcester are creating everyday,” said Kevin O’Sullivan, President and CEO of the Massachusetts Biomedical Initiatives, a business development venture that assists start-up biomedical and biotech companies. “The tax rebate will help convince many of the companies that get their start here at the incubator to stay and manufacture their products in Massachusetts.”
Romney urged the Legislature to take action on his jobs creation bill quickly so that companies can begin creating more jobs with the use of the tax rebate and other incentives to help get the Bay State economy going again.
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