Jeff Jacoby’s Nov. 6 op-ed column “The bitter pill of failed state tax incentives” does not tell a complete story of the Commonwealth’s tax incentive programs, and fails to acknowledge the many companies growing and hiring in our state because of investments made by the Patrick administration. In fact, a Nov. 7 article (“Novartis adding in Cambridge,” Business) pointed out that many of the largest biopharmaceutical companies in the world are actually adding or retaining jobs in Massachusetts — in some cases because of the incentives we offer — at the same time that they are cutting jobs elsewhere.
Through two state programs, we have provided reasonably sized tax incentives to hundreds of companies that are willing to commit to adding jobs here. The vast majority of these companies are meeting their job commitment targets. Some exceed their promised commitments, and some fall short. We closely track each company’s progress toward meeting its commitment, and when a company falls short, we aggressively pursue reducing or recouping the tax benefit — which we are in the process of doing with Vertex Pharmaceuticals.
Overall, these programs are a great success, having created more than 3,000 jobs in the life sciences sector and more than 11,000 jobs in other sectors. These programs are an integral part of the Massachusetts economy.