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CBIZ Tofias Lands Massachusetts Life Sciences Clients $2.5 Million in Tax Incentives
Posted January 18, 2011
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Cambridge, Mass. - Millions of dollars worth of tax incentives were earned, and 100 new jobs will be created, as a result of the strategic planning and expertise of CBIZ Tofias, one of the nation's top 10 accounting providers.
Located in Cambridge, CBIZ Tofias guided its life sciences clients through Massachusetts' Life Sciences Tax Incentive Program, including preparing their applications and assisting them in obtaining the incentives. CBIZ Tofias' clients were awarded a total of $2.54 million in tax incentives, accounting for more than 10 percent of the $23.9 million recently announced by the Massachusetts Life Science Center. In addition, 100 new jobs will be created in the state as a direct result of the company's work with its life sciences clients.
The life science and state and local income tax expertise at CBIZ Tofia s enabled the firm to advise companies on benefits such as the monetization of net operating loss and tax credit carryforwards available through the program.
"We are thrilled to learn that the clients we assisted in obtaining these tax incentives have been awarded significant incentive amounts and are committed to substantial job creation in the Massachusetts life sciences sector," stated Michael Corrente, Managing Director in Charge of the Life Sciences Tax Practice.
This is the second year of the program, and CBIZ Tofias has worked with Massachusetts-based life science companies each year to earn significant tax incentives. The firm's expertise in understanding the process ensures a complete and high-quality application is submitted to capture the array of incentives available.
CBIZ Tofias is available to assist other life science companies in the application process in the next round of the program, or with other tax matters affecting life science companies. If you have any questions or need assistance, you may contact Michael Corrente, Managing Director in Charge of the CBIZ Tofias Life Sciences Practice, at 888.761.8835 Ext. 3242 or MCorrente@cbiztofias.com.
The Life Sciences Tax Incentive Program, established in 2008 as part of the state's ten-year, $1 billion Life Sciences Initiative, authorizes up to $25 million in tax incentives each year for companies engaged in life sciences research and development, commercialization, and manufacturing. The primary goal of the program is to incentivize life sciences companies to create new sustained jobs in Massachusetts.
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