Press Release
July 1, 2024

Fernandes Secures $12.6 Million for Southeastern Massachusetts

July 1st, 2024 - BOSTON - Representative Dylan Fernandes has successfully delivered $12.6 million in funding for workforce development, marine research, and Cape Cod’s tourism economy in the 2024 economic development bond bill.

"This funding represents a significant investment in the Cape and Islands future and I was proud to secure over $12 million in earmarks for region,” said Rep. Fernandes. “By supporting cutting-edge marine research, developing our skilled workforce, and boosting our tourism economy, we're laying the groundwork for sustainable economic growth and innovation for decades to come."

Of the $12.6 million Rep. Fernandes secured, $12 million will be directed to the Marine Biological Laboratory to build out a state-of-the-art imaging center and support Woods Hole’s world-renowned research economy. An additional $500,000 will go toward a commercial fisheries workforce development training program on Cape Cod. $150,000 will be allocated to the Cape Cod Chamber of Commerce and the Cape Cod Commission to install electric vehicle charging infrastructure at Cape hotels, positioning Cape Cod at the forefront of eco-friendly travel while boosting its important tourism sector.

The bill, An Act relative to strengthening Massachusetts’ economic leadership, authorizes $3.4 billion in bond funding and $700 million in tax credits over the next decade, with a focus on life sciences and climate tech - key industries for the future of Massachusetts.

Key components of the legislation include:

  1. $500 million for the Massachusetts Life Sciences Center to provide grants and loans in order to grow the life sciences industry in Massachusetts
  2. $400 million for MassWorks public infrastructure grants to municipalities
  3. $200 million for the Massachusetts Clean Energy Center (MassCEC) to support the research and commercialization of climate technology across the state
  4. $200 million for the MassCEC to invest in research, and in the implementation of offshore wind infrastructure
  5. Life Sciences Tax Credit: increases the annual amount of life sciences tax credits from $30 million to $50 million.
  6. Climatetech Industry Incentive Program and Tax Credit: creates a tax incentive program to expand the climate tech industry. Companies would be able to claim credits for new employees, capital investments, and research costs. It also creates a sales tax exemption for construction of climate tech facilities.

The economic development bill represents the largest such investment in the state's recent history, surpassing the combined capital authorizations of the previous three economic development bills.

The bill will now move to the Senate for further consideration.