BOSTON -- The health reform law will mean more federal aid and tax credits for some companies in Massachusetts, but higher taxes for others.

"On a state basis, we're going to be better off," said Peter Cohan, an economist at Babson College.

"This is a big plus for us overall," said Senate President Therese Murray.

The initial political euphoria among many is that the new law will bring job growth in Massachusetts, largely because of a big influx of federal dollars.

"Two billion dollars for Massachusetts over the next 10 years," said Lt. Gov. Tim Murray.

Since Massachusetts has had universal health care for years, the state already meets many of the criteria to receive the money that will go directly to hospitals, pharmaceutical providers and health care centers.

"We hope to open up a new floor in our health center, so we would be increasing our health care by about a third. That would be about 50 jobs," said Frances Anthes, of the Family Health Center of Worcester.

But medical device manufacturers said the new law that imposes a 2 to 4 percent tax on each of their products could damage the job gains they have enjoyed in recent years.

"We're watching that because medical device companies employ a lot of people here in Massachusetts, and they create, do their research and development here in Massachusetts," Therese Murray said.

"We think we can address some of those concerns and continue to work with our stakeholders and partners in this area," Tim Murray said.

Economists like Cohan also predict the infusion of money will entice a new generation of entrepreneurs.

"It's going to encourage small businesses to find providers for themselves for health insurance, and I think what that's going to do is create an opportunity for a startup to start an online exchange to match up small businesses with the health care providers," Cohan said.

What exactly Beacon Hill can do for companies that will be hit with new taxes hasn't been spelled out. Both the Senate president and lieutenant governor talked about tax credits, but they quickly noted that the state already has been very generous in this area.