EDIP participant AHEAD USA, located in Dartmouth designs and manufactures headwear, apparel and accessories for golf and other industries.
This week the Commonwealth’s Economic Assistance Coordinating Council (EACC) approved the participation of 19 projects in the Economic Development Incentive Program (EDIP).
These projects are expected to create 626 net new jobs and retain 891 jobs across Massachusetts, while leveraging $283 million in private investment. The EACC quarterly meeting was held in Boston on December 13, 2016.
Governor Charlie Baker said his Administration “is supporting job growth and vibrant communities by creating a business climate that supports private investment and long-term growth.” The EDIP “complements our substantial investments in the state’s talented workforce, and is an important part of how we encourage companies to create jobs and expand in the Commonwealth.”
Lieutenant Governor Karyn Polito said the approved incentives “demonstrate the diversity of the Commonwealth’s economy. From technology and the life sciences, to manufacturing and food processing, we are growing regional economies, and helping businesses deliver new growth.”
Jay Ash, Secretary of Housing and Economic Development said the EDIP “helps foster prosperity across Massachusetts. These job creation incentives are a smart investment in ourselves, and in our future.”
Nam Pham, Assistant Secretary of Business Development, said the approved awards “will help create jobs and deliver business expansion, from Dartmouth to Holyoke. These targeted investment opportunities will help support workers, families, and communities throughout the Commonwealth.”
Eleven of the awarded projects this quarter are manufacturing companies, and 12 are located in Gateway Cities.
The EACC has approved 121 economic development projects since January 2015. These projects will lead to the creation of 6,456 jobs, the retention of 13,188 existing jobs, and will leverage roughly $2.4 billion in private investment. Additionally, the EACC has assisted 54 manufacturing companies and 60 companies in Gateway Cities during this period.
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 from the Massachusetts Office of Business Development.