Devices & Diagnostics

Boston Scientific gets $400,000 tax credit

The medical devices manufacturer in Massachusetts didn’t initially meet the requirements to receive the tax credits. But Boston Scientific negotiated a new deal thanks to its expansion plans in the state. Tax increases will drop 32 percent each year through 2018.

Boston Scientific Corp. (NYSE:BSX) reached an agreement with Massachusetts for eight years of retroactive tax credits.

The Natick, Mass.-based medical device giant failed to meet the job creation requirements for a state tax break, but negotiated for the new deal with an exchange for expanding its operations on the North Quincy, Mass. waterfront, according to The Patriot Ledger.

The Commonwealth’s Economic Assistance Coordinating Council approved a $400,000 tax credit in November after it agreed to re-categorize jobs at Boston Scientific’s Marlborough, Mass. location where the company recently completed a new office complex. The council voted to include previously ineligible contract employees at the facility in Boston Scientific’s hiring numbers, according to the newspaper. The company needs a lot of contract employees, a Mass. Office of Housing and Economic Development spokesperson told the newspaper.

Boston Scientific’s ongoing $65 million dollar expansion in North Quincy was also enough leverage for the company to gain a tax increment finance agreement from the city. Under the deal, tax increases for the company drop 32 percent each year through 2018, according to the Ledger.

The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.

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