Press Release  Massachusetts Economic Assistance Coordinating Council Awards Nearly $10 Million in Tax Credits to Businesses to Create, Retain Jobs

BOSTON — The Massachusetts Economic Assistance Coordinating Council (EACC) approved eight projects for participation in the Economic Development Incentive Program (EDIP), a program that seeks to create new jobs and help businesses grow by offering credits to lower taxes in exchange for job creation commitments. 

These projects are expected to create 450 net new jobs, retain 2,309 jobs statewide, and leverage more than $158 million in private investment in exchange for $9.55 million in state tax credits. Five of this round’s applicants are manufacturers and three are projects located in Gateway Cities. This new round of tax credits is the first set of awards since the Healey-Driscoll announced reforms to EDIP in April. Initiated by the Mass Leads Act, the new EDIP increases flexibility, transparency, and access for businesses, strengthening Massachusetts’ position as a top business environment.  

“Through Mass Leads, we reformed the Economic Development Incentive Program to make it more accessible, transparent, and focused on what matters most – supporting businesses that want to grow, expand, and add new jobs in Massachusetts,” said Governor Maura Healey. “This program helps companies in high-demand industries grow and hire top talent, and strengthens our position as the best place to do business.”

“We’re proud to award eight new Economic Development Incentive Program awards this round,” said Lt. Governor Kim Driscoll. “With these awards, businesses now have resources to renovate facilities, invest in new manufacturing equipment, and create new jobs, driving economic growth in Gateway Cities and other regions.”

"Massachusetts makes smart investments that give our business community the resources they need to thrive,” said Interim Secretary Economic Development Secretary Ashley Stolba. “This round of Economic Development Incentive Program awards reflects the strength of our economy in important sectors like advanced manufacturing, climatetech, and R&D technology and demonstrates our commitment to creating high-quality jobs across every region of the state.”

EDIP is designed to foster job creation and stimulate business growth. A company that participates in EDIP may receive state tax credits in exchange for a commitment to create new jobs, retain existing jobs, and commit private investment to the project. The EDIP certified projects include: 

Formlabs Inc. – Billerica
Formlabs, a manufacturer of 3D printers, is opening a new open-concept industrial & lab facility in the Greater Boston area to expand capacity and capabilities for internal Engineering & Operations teams. The facility will accelerate the company’s ability to scale new products and services by placing space-intensive activities such as R&D, manufacturing, and print farm production within reach of Formlabs’ Somerville headquarters. The company will invest $400,000 in the project and create 25 jobs in the first year. The EACC has approved $375,000 in EDIP tax credits.

Emseal Joint Systems Ltd. – Westborough
Emseal Joint Systems manufactures and distributes pre-compressed sealants and expansion joints to commercial, industrial, and institutional users worldwide. In 1990, Emseal moved its U.S. operations from Stamford, Connecticut to the current 30,000-square-foot headquarters in Westborough, Massachusetts. Emseal is investing more than $8.59 million to expand in Westborough, including leasing an industrial building adjacent to the company's current location to accommodate warehousing, manufacturing, and an additional office space that will result in 23 new jobs. The EACC approved $345,000 in EDIP tax credits.

Schneider Electric USA Inc. – Boston
Schneider Electric is a cleantech company focused on automation and energy management. The company will invest approximately $10 million to establish a new office headquarters as part of an expansion and relocation effort. The project will support ongoing growth and business operations in the region, resulting in the creation of 40 new full-time jobs. The EACC approved $600,000 in EDIP tax credits.

C2S Energy LLC – New Bedford
C2S Energy is a Mass Save contractor that is seeking to expand due to rapid growth and limited space at its current 70,000 square foot facility. The project would involve an investment of $500,000 in the property, retain 50 existing jobs and create 35 new jobs. The EACC approved $525,000 in EDIP tax credits.

Abside Networks Inc. – Acton
Abside, a communications hardware and software networking manufacturer, is making critical investments in the research, development, and production of open radio units. The project will invest $39 million and result in 62 additional jobs with an average salary of approximately $170,000. The EACC approved $930,000 in EDIP tax credits.

DRS Naval Power Systems Inc. – Fitchburg
DRS, a contractor for the U.S. Navy, will invest approximately $7 million to expand, renovate, and rehabilitate existing industrial and office space in Fitchburg, creating 50 new jobs and retaining 170 existing jobs. The expansion will grow operations related to submarine industrial base capacity and capability needs. The EACC approved $3.55 million in EDIP tax credits for new and retained jobs.

Eagle Management Co LLC – Methuen
Eagle Management, a service-disabled veteran owned small business that manufactures wooden doors and drawers, is seeking to combine its manufacturing facilities in Lawrence and Middleton into an expanded 37,700-square-foot manufacturing facility in Methuen. The business will purchase the property for $6.15 million, and invest $1.5 million to equip, outfit, and complete relocation. The new facility will support the creation of 25 jobs over the next five years. The EACC approved $375,000 in EDIP tax credits.

Masters Academy International – Stow
Masters Academy will invest $83.8 million to purchase and refurbish an 82-acre former Bose headquarters, converting it into an elite private sports academy focused on academics and athletics for more than 600 students. The project will result in 190 new jobs. The EACC approved $2.850 million in EDIP tax credits.

About the Economic Assistance Coordinating Council  
The Massachusetts Economic Assistance Coordinating Council (EACC) is a state board comprised of public and private sector officials that review and approve Economic Development Incentive Program projects and tax credit incentives. The EACC also approves local Tax Increment Financing and Special Tax Assessment agreements for municipal property tax relief associated with an EDIP project. The EACC is part of the Massachusetts Office of Business Development (MOBD) in the Executive Office of Economic Development, which assists businesses expanding in and relocating to Massachusetts, with specific attention paid to projects that create and retain jobs and invest capital. The MOBD team provides a highly responsive, central point of contact that facilitates access to resources, expertise, and incentive programs for businesses.

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