POPULATION: 6,692,824 (2012 Census estimate)
LABOR FORCE: 3,531,700 (Sept. 2014)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES:Creative industries, defense and homeland security, financial services, information technology, life sciences, manufacturing, maritime commerce, renewable energy
EXPANDING INDUSTRIES: Management, scientific, and technical consulting services; individual and family services; pharmaceuticals and medicine manufacturing; home healthcare services; computer systems design and related services; residential care facilities; software publishing; scientific R&D services
COLLEGE GRADUATES: (Age 25 and over) 39% (U.S. Census 2008-2012 Community Survey)
BASIC BUSINESS TAXES:
Single Sales Factor: Yes (for
manufacturing companies)
Corporate Income Tax Rate: 8 percent
Sales and Use Tax: 6.25 (machinery and equipment is exempt)
Personal Property/Real Estate Tax: Levied by local authorities across the state (average rate
of $16.97 per $1,000 assessed property value)
BUSINESS INCENTIVES:
Economic Development Incentive Program
Investment Tax Credit
Tax Increment Financing
Research & Development Tax Credit
Special programs, grants, and loans provided through:
• MassDevelopment
• Mass Ventures
• Massachusetts Growth Capital Corp.
• Workforce Training Fund
• Massachusetts Life Sciences Center
• Massachusetts Clean Energy Center