Nobel laureate Craig Mello from UMass was on hand on Beacon Hill today to help Governor Deval Patrick introduce his $1 billion plan for biotech and life sciences research in the state over the next 10 years. Half of that would be bonds for a stem cell repository and a RNA interference research center at UMass Worcestor. Also part of the plan is $15 million would be for research grants and tax credits for biotech companies.

Update (July 20): The plan calls for $25 million a year for research grants, fellowships, and training, which will be managed by the Massachusetts Life Sciences Center, a state agency.

In a report on WBUR this morning, State Senate president Therese Murray said she was concerned with “accountability” and “affordability” of the initiative, but it seems that legislators are overall supportive and will be mulling over the details. There are also some grumblings about why the biotech industry gets tax breaks and not other industries.