September 28, 2011 – The Commonwealth of Massachusetts has approved a handful of tax credits for companies that plan to create new jobs in Massachusetts through the Economic Assistance Coordinating Council under the Department of Housing and Economic Development.
Among the eight projects in the Economic Development Incentive Program (EDIP) are a few technology companies. In Worcester, Magmotor Technologies Inc. has been awarded $600,000 of EDIP investment tax credits to relocate its manufacturing facility from West Boylston to Worcester, going from 14,000 square feet of leased space to 43,500 square feet of newly owned space. Magmotor is a manufacturer of electro-mechanical motion control solutions for equipment manufacturers in the electric and hybrid vehicles, medical devices and semiconductor processing markets.
Vestas Technology R&D Americas Inc. in Marlborough has been awarded $428,400 in tax credits to lease and purchase property to site an R&D complex. This project will be the North American research hub for electric power generators for Vestas, a Danish maker of wind turbines.
In Westfield. Gulfstream Aerospace Services Corp., a wholly-owned subsidiary of General Dynamics Corp. received a tax credit of $1.45 million to expand an aircraft maintenance, repair and overhaul services facility to be able to handle Gulfstream G6 jets, specifically the new, larger G650 models.
All told, the projects are expected to create over 355 new jobs and retain 328 existing jobs, in addition to leveraging more than $97 million in private investment and supporting construction projects across the Commonwealth.
This story originally appeared here