Life Sciences Firm in Massachusetts Plans on $18 Million Expansion Creating 100 Jobs; Tax Breaks Key to Project
10/06/2011
Cell Signaling produces antibodies used to decode cell signaling abnormalities that are behind illnesses such as cancer, diabetes and neurodegenerative diseases. In addition to 280 workers at its headquarters, it employs 370 other associates worldwide.
Mayor Bill Scanlon of Beverly has asked his City Council to give Cell Signaling a tax break. "The real benefit to them is from the state," he noted. State-sponsored assistance could include an investment tax credit (of up to 5 percent) on the cost of the company's renovations and new equipment.
Cell Signaling officials have said their firm already has saved $1.5 million on its state income taxes and $26,000 on property taxes thus far under a 2006 incentives agreement, reported The Salem News.
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