That's not only unfair, but potentially unconstitutional, she said.
"It sets up a great disparity between industries," McAnneny said. "AIM has always advocated for predictability in the tax code."
She said the bill also gives state officials too much leeway in offering tax credits.
"Our preference is to have things spelled out," she said.
But biotechnology supporters say the money and other investments are critical, or the state's biotechnology edge could fizzle in the same way Massachusetts' early leadership in the computer industry fizzled.
"More than any other industry, the life sciences require an intensive concentration of both human and monetary capital over many years," said Joshua Boger, president and CEO of Vertex Pharmaceuticals in Cambridge.
Una Ryan, president and CEO of AVANT Immunotherapeutics in Needham, said she was able to locate her manufacturing facility in Fall River through a state-backed financing program despite offers from other states.
"This initiative will not only level the playing field with states like California and North Carolina, it will put us and should keep us in the lead," she said.
© Copyright 2005 by DiverseEducation.com
