Mass. business development official outlines tax incentives, TIFs and site tools for Lakeville

Maria Morasco, a representative of the Massachusetts Office of Business Development, told the Town of Lakeville Economic Development Committee on May 2 that her office is “the one‑stop agency for businesses seeking to expand and relocate in Massachusetts” and offered to help the town vet and negotiate incentives for prospective companies.

Morasco said the state’s economic development incentive program primarily awards tax credits to firms that commit to creating permanent full‑time jobs and generating outside sales. “We’re looking for businesses that will create permanent full time jobs and have outside sales,” she said. She told the committee tax credit awards can range from roughly $50,000 to as much as $1 million, depending on job creation and private investment.

Morasco explained several tools municipalities can use. Tax increment financing (TIF) allows a town to exempt a business from taxes on the increase in…