The Massachusetts Economic Development Incentive Program (EDIP) is a tax incentive program designed to foster job creation and stimulate business growth throughout the Commonwealth. Participating companies may receive state and local tax incentives in exchange for job creation, manufacturing job retention and private investment commitments.
The Town of Billerica has participated in the Program in the past, and welcomes the opportunity to have an incentives conversation with any businesses. On the local side of the program, the municipal incentive (TIF) is an abatement based upon the incremental increase in the assessed value of the property as a result of private investment. New construction or building retrofitting often raises the assessed value, but that is where Billerica and our assessor play a role. With local participation, the state would offer an Investment Tax Credit (ITC) taken against a company’s corporate income and that program is run through the Massachusetts Office of Business Development (MOBD). In the case of a life science company, local participation is not necessary and the incentives are based upon job creation and run through the Massachusetts Life Sciences Center.
The EDIP is a three-way collaboration between the company, municipality, and state, so a meeting early in the process with Billerica and MOBD is paramount to discuss the project and eligibility. The first step in the relocation process starts with a phone call to our Economic Development Team (email@example.com, 978-671-0963).