The Economic Development Incentive Program (EDIP) is a tax incentive program designed to foster job creation and stimulate business growth. Companies receive state and local tax incentives in exchange for job creation, manufacturing job retention and private investment commitments.
EDIP Governing Council
The Economic Assistance Coordinating Council (EACC) is the administering and governing body of the EDIP. The council is comprised of up to 14 voting members, with 7 regional designees appointed by the governor and public officials from the Massachusetts Office of Business Development, Department of Housing and Community Development, Labor and Workforce Development and Commonwealth Corporation. Primary responsibilities of the EACC include:
- Establishing regulations, policies and procedures to administer the EDIP
- Certify and contract EDIP Projects, and the Abandoned Building Deduction
- Administer EDIP annual reports
- Decertify projects that do not comply with program regulations
Adopted Policies of EACC
- EACC Policy 2010-1: Regarding Revocation of the Certification of an Enhanced Expansion Project or a Manufacturing Retention Project. Effective May 25, 2010.
- EACC Policy 2010-2: Regarding Certified Project Amendment Process. Effective June 30, 2010.
- EACC Policy 2011-1: Regarding End of Calendar Year Unallocated Economic Development Incentive Program Credits. Effective March 27, 2012.
- EACC Policy 2013-1: Regarding Enhanced Expansion Projects (EEP) coming forward to the EACC for approval from Municipalities that are designated Economic Target Areas (ETA) but are not providing Tax Increment Financing (TIF) or a Special Tax Assessment (STA) to the Applicant. Effective July 1, 2013.
- EACC Policy 2013-2: Regarding a TIF Commencement for Purposes of the Annual Audit. Effective July 1, 2013.
- EACC Policy 2013-3: Regarding Termination and Extension of Local Tax Incentives after Revocation of Project Certification. Restatement of Policy Approved May 23, 2013; Effective June 24, 2014.
- EACC Policy 2013-4: Regarding Execution of EDIP Contract Agreements. Effective May 23, 2013.
- EACC Policy 2014-1: Regarding Eight Quarters for EDIP Certified Project Compliance. Effective February 11, 2014.
- EACC Policy 2014-2: Regarding the Limitations on the Awarding of Tax Credits to Hotel Development Applicants Within a 12 Month Period. Effective 24, 2014