October 30, 2003

ROMNEY WORKS FOR RESURGENCE OF MASSACHUSETTS ECONOMY

Pushes proposal to provide tax rebates to companies that create manufacturing jobs

ANDOVER – Bringing the Romney/Healey administration’s campaign to create more jobs to the Merrimack Valley, Governor Mitt Romney today highlighted a proposal to provide tax rebates to companies that create new manufacturing jobs in the biotechnology, life sciences and medical device industries.

“We want companies that develop their products in Massachusetts to manufacture them in Massachusetts,” Romney said, after a tour of Wyeth BioPharma, one of the largest biopharmaceutical operations in Massachusetts.

He added, “My plan, which is part of the economic development bill I filed, will help businesses grow and give them incentives to stay in our Commonwealth as they move from the lab to the factory floor. My administration is committed to helping companies like Wyeth reach their full potential.”

Romney’s economic development bill provides tax rebates to companies in the life sciences, biotechnology and medical device industries that create 10 or more manufacturing jobs. Under the plan, eligible companies will receive 50 percent of the state income tax they pay for the 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 the country to manufacture it because costs are lower.

“We applaud Governor Romney for his focus on job creation and reducing barriers for business – especially for biotechnology companies that face such high risk in getting our products to market and into the hands of patients who need them,” said Chris Perley, Managing Director of Wyeth BioPharma in Andover. “The tax rebate that Governor Romney has proposed in his ‘Jobs First’ bill is exactly the type of incentive that global companies like Wyeth need in order to focus and maintain jobs in Massachusetts.”

Romney urged the Legislature to take action on a job 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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