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(Photo: Aegis Energy Service is increasing its workforce as it expands operations in Holyoke.)

The Commonwealth’s Economic Assistance Coordinating Council (EACC) approved 12 projects for participation in the Economic Development Incentive Program (EDIP).

These economic development projects are expected to create 393 new jobs and retain 1,026 jobs throughout Massachusetts, while leveraging approximately $133 million in private investment. Here is information on the 12 projects.

Governor Charlie Baker said his administration “is committed to fostering a pro-growth business environment in Massachusetts, and fostering job growth across the state. These job-creation incentives give our businesses another tool to reach their full potential in the Commonwealth, encouraging long-term, sustainable economic growth, and catalyzing significant investments that benefit our workforce.”

Lieutenant Governor Karyn Polito said the incentive program “benefits communities across the Commonwealth, by tying incentives to job growth and investment goals. These incentives spur sustainable growth that strengthen cities and towns, and encourage further investment from our businesses.”

Jay Ash, Secretary of Housing and Economic Development, called the incentives “another tool to connect residents across the Commonwealth to well-paying, long-term job opportunities.”

Nam Pham, Assistant Secretary for Business Development called the EDIP credits “a cost-effective tool for encouraging community investment, across a variety of sectors. These incentives generate significant private investment job growth.”

This quarter, the EACC approved economic development incentives for three manufacturing companies, and ten projects located in Gateway Cities.

Since January 2015The EACC has approved 72 economic development projects. These projects will create 3,722 jobs, retain 5,733 existing jobs, and leverage more than $1.17 billion in private investment. Since 2015, the EACC has assisted 34 manufacturing companies and 37 companies in Gateway Cities.

The EDIP is the Commonwealth’s investment tax credit program for businesses, and is one of the most effective tools helping businesses to grow in Massachusetts. EDIP tax credits and other incentives are available to companies that make qualifying investments in new facilities and create new jobs. The EACC meets on a quarterly basis to review applications. More information about the EDIP is available at the Massachusetts Office of Business Development.