Fourteen of the 26 Massachusetts life sciences companies that received state tax incentives in 2009 failed to meet their job creation commitments in 2010, the Massachusetts Life Sciences Center disclosed.
The tax incentive deals included claw back provisions, which the state could exercise after a further investigation of the companies that fell short, the center said.
As previously reported by the Business Journal, the largest incentive that didn’t produce the intended results went to Genzyme Corp. The Cambridge-based biotechnology firm gave back its $6 million incentive in January after layoffs and the sale of one of its business units cut its headcount in Massachusetts.
A total of five companies have already determined they were unlikely to reach their job creation commitment, and opted to terminate their agreements, according to the Life Sciences Center. Those companies were Cambridge-based Genzyme; FoldRX Pharmaceuticals of Cambridge; GTC Biotherapeutics of Framingham; NeuroMetrix of Waltham; and Zoll Medical of Chelmsford. Genzyme had committed to create 200 jobs, while the other companies had committed to create a total of 57 jobs.
Collectively, the five companies had been awarded nearly $7.4 million in tax incentives, nearly a third of the total of $24.5 million that was awarded in 2009.
Thankfully, monies were given back, unlike stimulus one and two where we do not know the destination of some of the bucks and never will. All that aside, where are the jobs promised by this administration that is fueling (sorry, bad word) this so called recovery??
There may be a recovery going on somewhere in the US but I have yet to see it. I don't see companies starting up -- only closing.
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