Bill > LD1358

This bill establishes the "Start Maine Up Program" to foster innovation and entrepreneurship in Maine by offering tax-free economic incentives for businesses that establish operations, expand, or relocate to designated vacant land areas at state universities or colleges, provided they demonstrate future positive community and economic benefits. The program, administered by the department in conjunction with the University of Maine System and Maine Community College System, defines key terms like "approved business," "eligible land," and "net new job" (a job new to the state, not transferred from another Maine business, and either full-time or equivalent, lasting over six months). Businesses must align with the academic mission of the sponsoring university, create net new jobs, and generally be new to the state, though exceptions exist for businesses that previously moved operations out of state or are expanding existing operations. The bill also outlines eligibility criteria for land, including vacant spaces or land on campuses, and allows for off-campus locations within a mile if approved. It prohibits universities from using student or staff facilities for this program and ensures employee rights are protected. The program offers significant tax benefits, including exemptions from corporate franchise, individual income, sales and use, and local property taxes for participating businesses, as well as income tax exemptions for employees, with specific limits on the number of jobs eligible for these benefits. The bill also details an application and approval process for both tax-free areas and businesses, establishes an "Approval Board" for designating strategic state assets as tax-free areas, and includes provisions for reporting, conflict of interest, and penalties for fraudulent activity.