BOSTON, December 18th, 2023 – The Massachusetts’ Economic Assistance Coordinating Council (EACC) has approved eight projects for participation in the Economic Development Incentive Program (EDIP), which seeks to create new jobs and help businesses grow by offering credits to lower taxes in exchange for job creation.
The projects are expected to create 778 net new jobs and retain 877 jobs throughout Massachusetts, receive $2,267,500 in state tax credits, and leverage approximately $1 billion in private investment. Of the applicants this quarter, five are manufacturers and three are in Gateway Cities. Additionally, the EACC approved two new Vacant Storefront Districts and one new Vacant Storefront Project that will receive refundable tax credits of $10,000.
“The Healey-Driscoll administration is committed to making Massachusetts the best place for businesses to call home,” said Economic Development Secretary Yvonne Hao. “These incentives will provide companies with valuable resources to expand facilities, create jobs, and invest in their communities. We’re pleased to offer this support through programs in the Economic Assistance Coordinating Council.”
“Massachusetts is here to help businesses foster growth and achieve their economic objectives,” said Undersecretary of Economic Foundations Ashley Stolba. “We are proud that these Economic Development Incentive Program investments will provide resources to companies that want to bolster our state’s job growth and economic growth.”
The projects include:
EDIP Certified Projects:
EDIP is designed to foster job creation and stimulate business growth. A company that participates in EDIP may receive state tax credits and/or local property tax incentives in exchange for a commitment to new job creation, existing job retention, and private investment in the project.
Clean Crop Technologies Inc. – Holyoke
Clean Crop Technologies uses electricity and food-grade gas to remove contaminants from seeds and foods to increase crop yields, reduce food waste and increase food safety. They have built a state-of-the art 14,000 sq. ft. facility in Holyoke with several high-tech labs and an in-house rapid prototyping shop. They plan to grow their tolling line capacity with the addition of five new machines in 2024. The company has worked closely with UMass Amherst’s Institute of Applied Life Sciences and has a current partnership with Springfield Technical Community College to develop a training program for technicians. The company will create nine new jobs, retain 18 current employees, and make a private investment of $1.1 million. The municipal utility, Holyoke Gas & Electric, is offering a 10 percent utility savings over the first three years estimated to be worth $233,000 and the EACC approved tax credits in the amount of $135,000.
Full press release shared here.