Massachusetts House releases $3.5 billion economic development bond bill

The State House released their version of an economic development bond bill on Thursday, a $3.5 down payment toward keeping jobs and businesses in Massachusetts.

The bill, An Act relative to strengthening Massachusetts’ economic leadership, isn’t terribly different from the bond offering made earlier this year by Gov. Maura Healey, but it adds a few extra tax initiatives and policy proposals near to representatives’ hearts, including a plan to name the Boston Convention and Exhibition Center after former Boston Mayor Thomas Menino.

“The legislation includes an array of investments and tax credits that aim to bolster support for workers and businesses, particularly in the life sciences, clean energy technology, and manufacturing industries, while retaining a larger focus on making Massachusetts more affordable and competitive,” House Speaker Ron Mariano said in a joint statement alongside House Ways and Means Chair Aaron Michlewitz and Economic Development Co-chair Rep. Jerald Parisella.

The bill would authorize $500 million in bonds for the Mass Life Science Center to be used toward growing the life sciences industry in Massachusetts, $400 million for MassWorks to cover municipal infrastructure needs, $250 million for the Mass Impact grant program, $200 million for a Clean Energy Center “to support the research and commercialization of climate technology across the state,” $200 million for the Massachusetts clean energy technology Center, and $150 million for grants for municipal library projects, among other investments.

The bill, which will go before the full House for debate on Thursday, won the swift approval of the Associated Industries of Massachusetts. Stephanie Swanson, AIM’s Executive Vice President of Government Affairs, said the trade group representing hundreds of Bay State businesses is “proud to support” the bill.

“The bill maintains the Commonwealth’s competitive edge as other states attempt to attract the life-sciences industry. It also extends our lead as the go-to state in the breakthrough climate technology sector. In addition, AIM applauds the House for taking a wholistic approach to economic development by spreading the benefits across regions and providing significant support for our foundational industries,” Swanson said in a statement.

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