As we reach the tail end of the year, Massachusetts life sciences companies and investors should be aware application windows for numerous grant and tax credit programs are quickly closing. Companies and investors may be eligible for the following programs administered by the Massachusetts Life Sciences Center:
Bits to Bytes:
Purpose:
This grant program is investing up to $5 million dollars to support work and equipment at non-for-profit partners. Eligible companies will receive approximately $750,000 to help support the following areas:
- Assist the analysis of large datasets that research critical healthcare issues or develop new treatment methods
- Attract and train life sciences data scientists in the Commonwealth
Who Qualifies?
Massachusetts not-for-profit organizations that are collaborating with at least one for-profit Massachusetts life sciences company. Institutions that are exclusively health care providers and/or requests for standard healthcare equipment funding would not be eligible.
Application Window:
Applications are being accepted until November 19, 2021 at 1pm EST.
Where to Apply:
Interested applicants can review the full criteria and apply here.
Novel Therapeutics Delivery:
Purpose:
This grant program is investing up to $5 million total dollars and eligible companies will receive up to $750,000 to improve the delivery of existing or innovative therapies.
Who Qualifies?
Massachusetts not-for-profit institutions, including research institutions and academic medical centers. Institutions that are exclusively health care providers and/or requests for standard healthcare equipment funding would not be eligible.
Application Window:
Applications are being accepted until November 19, 2021 at 1pm EST.
Where to Apply:
Interested applicants can review the full criteria and apply here.
Women’s Health:
Purpose:
This grant program is investing up to $5 million total dollars and eligible companies will receive approximately $750,000 to address life science questions that solely, disproportionately, or differently affect women.
Who Qualifies?
Massachusetts not-for-profit institutions, including research institutions and academic medical centers. Institutions that are exclusively health care providers and/or requests for standard healthcare equipment funding would not be eligible.
Application Window:
Applications are being accepted until November 19, 2021 at 1pm EST.
Where to Apply:
Interested applicants can review the full criteria and apply here.
Research Infrastructure:
Purpose:
This grant program is investing up to $10 million total dollars and eligible companies will receive approximately $1.5-5M in grants for capital projects that support the life sciences ecosystem. More specifically, the program is targeting companies that are looking to expand the understanding of human physiology and have the potential to lead to medical advances or therapeutic applications.
Who Qualifies?
Massachusetts not-for-profit institutions, including research institutions and academic medical centers. Institutions that are exclusively health care providers and/or requests for standard healthcare equipment funding would not be eligible.
Application Window:
Applications are being accepted until November 19, 2021 at 1pm EST.
Where to Apply:
Interested applicants can review the full criteria and apply here.
Angel Investor Tax Credit Program:
Purpose:
This tax credit program is offered to investors interested in funding early-stage life science companies. Eligible taxpayers receive a credit of 20-30% of the qualifying investment. A specific taxpayer’s credit is capped on investments up to $125,000 per business per year and $250,000 of cumulative investment, per business. The annual credit on all investments is capped at $50,000 per investor.
Who Qualifies?
The taxpayers must be investing in a business that has $500,000 or less in gross receipts in the year prior to eligibility. The business must have 20 or less full-time employees at the time of investment and be registered to do business in Massachusetts. Investors must be “accredited” investors, as defined by the U.S. Securities and Exchange Commission.
Application Window:
Applications for investments made between October 1, 2021 and December 31, 2021 are being accepted until January 14, 2022 at 1pm EST.
Where to Apply:
Interested applicants can review the full criteria and apply here.
Author: Robert Traester, CPA, MST | [email protected]
Contact Us
For assistance with these programs or any other program, please contact a member of Withum’s professional team.
