Massachusetts Job Tax Credits Jump Fivefold to $90 Million, Led by Boston Dynamics and VulcanForms

Key figures: $90.3 million in EDIP tax credits (FY2025: $17.2 million) · 36 projects · 4,974 jobs promised · $1.9 billion in private investment · Boston Dynamics $25 million, VulcanForms $21.26 million, Hasbro $14 million

Massachusetts approved $90.3 million in job-creation tax credits in the fiscal year that ended June 30. That is more than five times the $17.2 million awarded a year earlier, according to the state’s Economic Development Incentive Program (EDIP) annual report for fiscal 2026. Just three companies received two-thirds of the money: Boston Dynamics in Waltham, VulcanForms in Devens and Hasbro in Boston.

The 36 projects certified by the state’s Economic Assistance Coordinating Council committed to creating 4,974 net new full-time jobs and investing $1.9 billion of private money. The report, dated Sept. 30 and addressed to Gov. Maura Healey and legislative budget committees, calls EDIP “the largest job creation incentive in the Commonwealth.” The Boston Business Journal reported Tuesday that fiscal 2026 was the program’s strongest post-pandemic year.

Five times the jobs, nine times the investment

In fiscal 2025, the state certified 16 projects with $17.2 million in credits, 959 promised jobs and about $214 million in investment, according to the FY2025 EDIP annual report. That means fiscal 2026 had 2.25 times as many projects, about 5.2 times the jobs and credits, and about 8.9 times the private investment.

The state credits the jump to changes in the Mass Leads Act, the economic development law Healey signed on Nov. 20, 2024. The report says those changes, together with administrative improvements by the Massachusetts Office of Business Development, made the program “more efficient, attractive, and effective.” Because of a $30 million annual limit on credits that can be claimed, the awards are spread over several years, according to the state’s program page and the report.

The biggest awards

• Boston Dynamics (Waltham): $25 million for 1,250 new jobs and $101.1 million in investment. That is the largest single award in the report. The robotics company reported 943 existing employees on the project when it applied. (See our earlier look at Boston-area robotics companies.)
• VulcanForms (Devens): $21.26 million for 1,063 jobs and $1.307 billion in investment. The metal 3D-printing manufacturer alone accounts for 69% of all the private investment the state certified.
• Hasbro (Boston): $14 million for 700 jobs and $25 million in investment.
• Axon (Boston): $6.75 million for 450 jobs.
• Entegris (Billerica): $3.5 million for 200 jobs and $100 million in investment.
• Voya Financial (Boston): $3.3 million for 220 jobs, the only finance project on the list.

Four of the projects are in Boston itself: Hasbro, Axon, Voya and Pryzm Dynamics. Together they received $24.7 million in credits for 1,415 promised jobs. Other notable awards include CD Projekt RED, the video game studio, in Watertown ($740,000) and FieldAI in Cambridge ($450,000).

What the numbers show

The Boston Report’s analysis of the state’s tables found:

• The awards are concentrated. Boston Dynamics, VulcanForms and Hasbro received $60.3 million, or 67% of all credits, and promised 61% of the new jobs.
• Greater Boston took 57% of the money ($51.4 million for eight projects and 2,808 jobs), even though the region drew only $155 million of the investment. The Central region, mostly VulcanForms, drew $1.47 billion in investment for $26 million in credits.
• The cost per job is about $18,200 statewide. Greater Boston ($18,300) and Central ($18,600) were close to that average. The West region paid about $22,200 per job, and the Southeast about $12,700.
• Every credit dollar came with about $21 in promised private investment, largely because of VulcanForms.
• Manufacturing led the program. Manufacturers received $51.9 million (57%) and 23 of the 36 projects (64%). Technology firms received $33.7 million for 1,864 jobs.

Gateway Cities and the rest of the state

The projects are spread across 28 municipalities. Twelve of them, or one-third, are in Gateway Cities, the state’s designation for midsize former industrial cities. In Western Massachusetts, eight projects shared $4.97 million. They include AM Lithography ($1.86 million) and Framebridge ($1.35 million, 100 jobs), both in Holyoke. In the Southeast, seven projects shared $1.7 million, and BlueTriton Brands in Taunton was the largest.

The report also covers the revamped Vacant Storefront Program. Twenty-three communities received $50,000 allocations, but certified projects totaled only $169,000 in the program’s first year under the new rules.

What comes next

EDIP credits are tied to commitments, not finished hiring. Companies must meet their job and investment targets to claim credits over several years, according to the program rules.

For a read on how employers feel about the economy, see our report on Massachusetts business confidence in October. For more coverage, see our Boston business news page and the latest Boston news.

Sources

• Massachusetts Office of Business Development, Economic Development Incentive Program Annual Report, Fiscal Year 2026 (Sept. 30, 2026)
• Massachusetts Office of Business Development, EDIP Annual Report, Fiscal Year 2025
• Mass.gov, Economic Development Incentive Program (EDIP)
• Boston Business Journal, Nov. 3, 2026