Massachusetts prepares videogames tax breaks plan
US state keen to see business grow from $2 billion to $20 billion in five years
The US state of Massachusetts is preparing a plan to hand tax incentives to videogames business in a bid to grow its game-related revenue tenfold in the next few years.
Although details on what will be offered aren't yet available, the incentives are likely to be linked to job creation and production goals, reports The Boston Herald.
According to the report, legislation is in draft stage and while supporters of the plan believe that videogames growth could replicate the success of the biotechnology industry in the state, critics are unsure that money spent on one industry can prop up the region's finances in the long term.
Specifically, officials are looking for the business in the area to grow from $2 billion to $20 billion, as Massachusetts begins to compete with other US states and Canadian provinces.
"25-30 years ago, no one in the Commonwealth knew what biotechnology was, and it has now become a critical part of our Massachusetts economy," said State Representative Vincent Pedone. "We think the videogame design industry has equal potential."