Sen. DiDomenico secures $15M in bond money for district projects in economic development bill

Boosts life sciences, climate tech, AI and small businesses

BOSTON/EVERETT – On July 11, 2024, Senator Sal DiDomenico and his colleagues in the Massachusetts Senate unanimously passed a comprehensive economic development bill that makes bold investments in life sciences, climate tech and small businesses, building on Massachusetts’ national leadership and creating an environment where businesses and workers thrive. DiDomenico secured $15 million in bond authorizations for local economic development projects in his district. The bill, which is titled An Act relative to strengthening Massachusetts’ economic leadership, also included DiDomenico’s language to remove a hazardous waste parcel of land at the power plant site in Everett from its status as a designated port area, enabling a process to move forward that could create a sports venue with public access to the waterfront. Senator DiDomenico is happy to see this language included that will allow the public process to move forward on a project that will be an economic catalyst and environmental win for our residents.

A previous version of this bill having been passed (155-2) by the House of Representatives, the two legislative branches will now reconcile the differences between the bill versions before sending it to the Governor’s desk.

“I am excited to move this economic development legislation forward so we can invest in small businesses, life sciences, climate tech, and local projects in my district and throughout the Commonwealth,” said Senator DiDomenico, who is Assistant Majority Leader of the Massachusetts Senate. “There is also language in this bill that will help my community clean up a power plant site that has been a health and environmental hazard for decades. This will open up the possibility for hundreds of millions of dollars in private investment, cleanup of a hazardous waste site, create good paying union jobs, and open our waterfront for the public to enjoy. I want to thank Senate President Spilka, Chair Rodrigues, and Senator Finegold for their support, and I look forward to advocating for this bill until it is signed into law.”

The $2.86 billion in bonds authorized in the bill will stimulate new and proven industries, support workforce development and talent retention and modernize economic growth strategies. The support in the Senate’s bill extends to small businesses, communities and cultural development, ensuring that main street businesses across the Commonwealth benefit from the economic boost. The combination of investments, tax credits and policy changes will position Massachusetts industries as global leaders at a moment when breakthroughs in science and technology are more important than ever.

“Life sciences and climate technology are synonymous with Massachusetts because of the past decade of strong investment,” said Senate President Karen E. Spilka (D-Ashland). “The Senate’s action today ensures that we build on that leadership in the coming decade, amplifying the diverse and thriving economic ecosystem that enables people to stay in our state to build careers and families. I am grateful for Chair Finegold’s leadership on this bill, to Chair Rodrigues, and to each of my Senate colleagues for their input and action to strengthen our economy.”

Provisions of the legislation are outlined below.

Maintaining Massachusetts’ life sciences leadership

While 18 of the top 20 biopharma companies now have ties to Massachusetts, the national ecosystem remains competitive. The Senate’s economic development bill authorizes $225 million over five years for the Life Sciences Breakthrough Fund to reauthorize the Life Sciences Initiative, totaling $45 million annually. Known as “Life Sciences 3.0,” the reauthorization adds health equity, biosecurity, digital health, and artificial intelligence (AI) to the mission of the Life Sciences Center. It redefines “life sciences” to include preventative medicine, biosecurity, life sciences AI, and medical technology. It also allows for awards and grants to public higher education institutions or public private partnerships.

Keeping climate tech companies in Massachusetts

Massachusetts is first in the nation for per-capita climate tech startups – despite being outpaced in investment by New York and California – with 49 businesses per one million residents. To incentivize these startups to stay in Massachusetts and continue to build their companies, the legislation provides $200 million for the Clean Energy Investment Fund to facilitate research and development, commercialization and deployment of climate technologies. It adds a further $200 million for the Massachusetts Offshore Wind Industry Investment Trust Fund to support the growth of the offshore wind industry. Additional incentives include a climate tech tax credit, a climate tech jobs credit and a climate tech research credit.

Regional equity

The legislation reflects the different needs of different communities and ensures none of the Commonwealth’s 351 cities and towns are left behind. This will partly be accomplished through statewide targeted infrastructure improvements. The bill authorizes $400 million for MassWorks public infrastructure projects that spur economic development and help support job creation, $100 million for the Rural Development Fund to provide financial assistance for infrastructure and community planning efforts in rural communities, $100 million for local economic development grants for economic development in cities and towns, $90 million to support the redevelopment of underutilized, blighted or abandoned buildings and $10 million for the Broadband Incentive Fund for the capital maintenance of the MassBroadband 123 middle mile network.

In addition to infrastructure, the legislation recognizes the importance of local cultural and economic sites. It provides $150 million for capital grants for public libraries, $50 million for the Cultural Facilities Fund, $40 million for Destination Development grants to support capital improvements of tourism assets, $15 million for a capital grant program to support the Commonwealth’s agriculture, commercial fishing and cranberry growing industries and $8 million for historical preservation grants through the Massachusetts Historical Commission.

Accelerating AI & advanced manufacturing development

To position Massachusetts as a leader of the future economy, the bill includes provisions to further develop the rapidly growing AI industry as well as high-tech advanced manufacturing jobs. The bill contains $115 million for the Massachusetts Tech Hub to establish key industry consortia across the Commonwealth, $100 million for the Applied AI Hub program to facilitate the application of AI, $99 million for flexible grants to support advanced manufacturing initiatives and $25 million for capital grants to advance research, commercialization and training in robotics.

Retaining talented college graduates

Outmigration is notably prevalent among students who graduate from Massachusetts colleges. To keep them and their talent in the state, the legislation includes $85 million for the Massachusetts Education Financing Authority (MEFA) to improve access to affordable higher education opportunities. Additional talent-retention provisions promote internships for students and recent graduates through the employer internship tax credit and allow foreign-licensed physicians to apply for a limited license to practice medicine in the Commonwealth with a pathway to a full unrestricted license. The program would enable their talents to be used to fill the state’s physician shortage.

Supporting small businesses

With nearly 50 per cent of Massachusetts workers employed by companies with less than 500 employees, small businesses are a key part of the Commonwealth’s economy. The Senate’s legislation recognizes this, providing $25 million through MassVentures for small business technology grants to help early-stage companies commercialize new technologies, $35 million for grants to Community Development Financial Institutions (CDFIs) to help disadvantaged and underserved businesses and $10 million for Biz-M-Power matching grants to small businesses with capital needs. To assist small businesses in rural areas and areas impacted by pollution, the bill authorizes $3 million for grants to improve the readiness of sites for economic development projects and $30 million for the Brownfields Redevelopment Fund to support the remediation of land impacted by environmental contamination.

During debate, the Senate adopted several amendments, notably:

• To increase the age of juvenile jurisdiction to include 18-year-olds. The initiative, which is known as “Raise the Age,” is proven to decrease crime and improve public safety by allowing emerging adults who are 18 years old – the typical age of a senior in high school – to be tried as juveniles instead of adults for certain crimes.
• To allow local communities to opt in and allow bars and restaurants in the community to responsibly offer happy hour drink discounts
• To admit Massachusetts in the national nurse licensure compact, helping to address the critical workforce challenge facing the health care sector
• To enhance local public health infrastructure and service delivery
• To allow local breweries and distilleries to sell their products alongside local wineries at farmers markets
• To increase opportunities for a more diverse public sector teaching force
• To provide consumers more rights to seek repair of their cell phones without having to seek service from the original manufacturer