Dr. Paul Friedmann, a director at the Springfield institute, praised the legislation. The $5.5 million will go toward creation of a business incubator aimed at helping early-stage companies develop and survive.
The institute, a partnership of Baystate Medical Center in Springfield and the University of Massachusetts, is working on new therapies for breast cancer, diabetes and other diseases and health problems.
Friedmann said the bill should boost the life sciences industry in Springfield and the rest of the state.
"We're starting to get some tools," he said. "Whether it is enough remains to be seen. It's a huge start. I'm very pleased."
The bill authorizes Gov. Deval L. Patrick to borrow $500 million for capital projects over 10 years including $300 million earmarked for projects around the state. Patrick would be free to use $200 million as he sees fit.
The bill provides $250 million over 10 years for tax credits and another $250 million over 10 years for research grants.
Supporters said the goal of the bill is to attract new scientists and companies and retain the biotechnology, medical device and other life science businesses that currently employ about 90,000 people in the state.
"The bottom line is I think this is an historic accomplishment," said Christopher R. Anderson, president of the Massachusetts High Technology Council in Waltham, a business advocacy organization.
Michael J. Widmer, president of the Massachusetts Taxpayers Foundation, said the bill provides about $100 million a year, not enough money to have a significant effect on the life sciences industry.
Widmer said he would prefer fewer earmarks in the bill to give the administration more leeway in spending the money. He also suggested the money for research grants should be eliminated and used toward tax credits.
Kyle J. Sullivan, press secretary for Gov. Deval L. Patrick, said the governor is reviewing the bill "but at first blush, it seems very consistent with the governor's vision of making Massachusetts a world leader in the life sciences field. It will allow us to create jobs and grow ideas into products to create cures."
Patrick filed the bill on July 19. He has estimated the legislation could create up to 250,000 jobs over the next decade.
Rep. Daniel E. Bosley, D-North Adams, a leading author of the bill, said the bill means Massachusetts will stay ahead in the intense global competition for jobs in the life sciences.
Bosley defended the legislative earmarks in the bill, which include money specified for life science centers or incubators in Falmouth, New Bedford, Pittsfield and Taunton in addition to Springfield.
"We have a fiduciary responsibility as legislators to make sure the money is spent correctly and spent for a public purpose," Bosley said.
Early this evening, the House also was moving to approve $1.3 billion transportation bond bill that included an unspecified amount of money for a proposed commuter rail line from Springfield to Hartford and New Haven.
House members were debating some 200 proposed amendments to the transportation bond bill.
The bond bill has more than $30 million for projects in Western Massachusetts. The bill has $15 million for improvements to Chicopee's Westover Metropolitan Airport, $4 million for a parking garage in Westfield and $2 million for a transit center in Greenfield.
