State Government News & Public Policy Updates |
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Concerning Trends Continue for Massachusetts' Competitiveness |
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There continue to be troubling signs about Massachusetts’ competitive position relative to other states. Last month, The Boston Globe reported that a net of 110,000 people left Massachusetts during COVID, making the Commonwealth one of the states with the highest rates of outmigration.
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The High Tech Council's 2023 Policy Agenda |
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As these troubling trends persist, the High Tech Council continues to offer guidance informed by member input on options to address Massachusetts’ declining business competitiveness. Our 2023 policy agenda, released in February, lays out our vision for what it will take to help Massachusetts regain its competitive advantage.
This agenda focuses on three areas that are fundamental to the health of the technology, innovation, and sciences sectors, and the broader state economy: business climate competitiveness, an engaged workforce, and our MassVision2050 project.
Several other organizations have also been raising concerns about the economic future of Massachusetts and have offered their own solutions. The High Tech Council is directionally aligned with many of these proposals but is concerned that, in some cases, they don’t go far enough and will not be sufficient to rescue Massachusetts’ declining business climate.
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Budget Season Begins on Beacon Hill |
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At the beginning of March, the months-long budget process kicked off on Beacon Hill, with Governor Maura Healey releasing her FY24 inaugural budget proposal along with a tax relief package.
Overall, the Governor’s budget and tax proposals include several positive elements that begin to address the new competitive challenges Massachusetts employers are facing, but rehabilitating Massachusetts’ declining business climate will require far more significant steps. The High Tech Council released a detailed statement with our analysis of the Governor’s proposals.
While the Governor’s tax package begins to address the high cost of living in Massachusetts and our status as a national outlier on taxes, it does not go far enough to improve our competitive position relative to other states. Even with these reforms, Massachusetts would still be one of only 12 states that impose an estate tax, and our taxation of short-term capital gains would be merely comparable to, not better than, the approach other states take.
Also of concern is the Governor’s recommendation to weaken an important taxpayer protection by excluding the revenue from the new income surtax from the voter-approved statutory limit on the growth of state tax revenue (Chapter 62F), which we urge the Legislature to reject.
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Capitalizing on CHIPS Funding Opportunities |
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The federal government is beginning to accept applications for funding from the 2022 CHIPS and Science Act. Last week, the Center for Advanced Manufacturing at MassTech Collaborative (CAM), along with more than 85 organizations from across the Northeast, submitted a proposal to the Department of Defense to create the Northeast Microelectronics Coalition (NEMC). The NEMC would serve as a regional hub for onshoring microelectronics hardware prototyping, lab-to-fab transition of semiconductor technologies, and semiconductor workforce training. Several High Tech Council members are part of this coalition and the High Tech Council submitted a letter of support for this application.
As the federal government prepares to award $50 billion in CHIPS funding in the coming months, it will evaluate applications based on whether there is a state funding commitment for the project. Governor Healey submitted a request to the Legislature for $200 million in state matching funds for federal grants in technology and innovation fields, including AI, cybersecurity, and semiconductors. The House approved $50 million in funding for matching grants, and on March 9, the Senate approved $200 million in their version of the legislation.
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Save the Date! 2023 Annual Meeting
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Mark your calendars! The High Tech Council is thrilled to announce that our 2023 Annual Meeting will take place on Friday, June 9, at the Seaport Hotel. Join us for the region’s premier gathering of leaders from business, government, and academia to gain invaluable perspectives on current priorities and emerging issues driving the health and growth of Massachusetts’ robust innovation economy. This year’s event will focus on competitiveness, examining Massachusetts' declining business climate and discussing strategies to maintain our competitive position relative to other states. Don't miss this important conversation on the future of our innovation economy!
Stay tuned for more information and registration details in the coming weeks.
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MassVision2050: Artificial Intelligence Innovation & Impact |
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Artificial intelligence (AI) is revolutionizing various industries and aspects of our lives, and its impact will only increase in the coming years. To explore this rapidly evolving sector, the High Tech Council, Knowledge Partner McKinsey & Company, and key collaborator MITRE recently hosted a program titled "MassVision2050: Artificial Intelligence Innovation & Impact."
Through sessions on "The Big Picture: Artificial Intelligence Today & Tomorrow" and "The Local Picture: Artificial Intelligence & the Massachusetts Economy," and a panel discussion focused on business perspectives, this program covered a range of topics related to AI, from the specific areas where Massachusetts can excel in AI research and development, to associated risks and the opportunities it presents for continued growth and innovation.
We also unveiled the findings from a first-of-its-kind analysis conducted by MassVision2050 on AI and its impact, which will serve as a roadmap for public, private, and academic leaders to keep Massachusetts at the forefront of AI innovation.
For those who missed the live event, you can watch the webinar recording here. We're excited to continue the conversation and work towards a future where Massachusetts is a global leader in AI innovation!
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Special thank you to our fantastic speakers, including McKinsey Partners Michael Chui, Ph.D., and John Chartier, MITRE’s Distinguished Chief Engineer for AI, Ozgur Eris, Ph.D., Onto Innovation CEO and MHTC Director, Michael Plisinski, Raytheon Technologies’ Associate Director of Research and AI Discipline Lead, Kishore Reddy, Ph.D., Distinguished University Professor, Holly Yanco, Ph.D., Chair of the Richard A. Miner School of Computer & Information Sciences and Director of New England Robotics Validation and Experimentation (NERVE) Center; Distinguished University Professor at the University of Massachusetts Lowell for the insightful discussion.
A big thank you to our MassVision2050 sponsors and partners for supporting this timely program: Knowledge Partner McKinsey & Company, key collaborator MITRE, Onto Innovation, Presenting Sponsor Putnam Investments, and Innovation Sponsors Analog Devices and Suffolk Construction.
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MHTC in the Media
Stay up to date with the following selection of recent media coverage.
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Support MHTC's Vision for Massachusetts & a Robust Innovation Economy |
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The High Tech Council is pleased to offer an array of sponsorship opportunities for 2023 that directly support our existing and long-term strategies to rehabilitate and strengthen the business climate in Massachusetts. Divided into three sponsorship sections—Critical Mass: Competitive Business Climate, MassVision2050, and The Engaged Workforce—each designed to support key initiatives that will drive growth and innovation in the state, providing Members with the opportunity to directly invest in the future of the Commonwealth. As a sponsor, you will have the opportunity to align your brand with the High Tech Council's mission and values, while contributing to the growth of Massachusetts' innovation ecosystem. To learn more about the benefits and resources available to sponsors and to reserve your 2023 sponsorship request, please contact Council President Chris Anderson.
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The Massachusetts High Technology Council, Inc. is an organization of CEOs and senior executives representing technology companies, professional services firms, and research institutions who are dedicated to creating and sustaining conditions that support investment, job growth, and improved quality of life in Massachusetts. Our members are growth-oriented, knowledge-intensive employers and institutions that develop, deliver, and depend on technology products, services, and innovations to advance their organizational objectives—a definition that covers just about all business enterprises in Massachusetts today.
Our mission is to help make Massachusetts the world’s most attractive place in which to live and work, and in which to create, operate, and grow high technology businesses.
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