Bill > LD1812

This bill establishes two main initiatives to support trade professionals and encourage participation in trade professions. First, it creates the Loans for Trade Tools Program through the Finance Authority of Maine, which provides low-interest loans (up to $20,000 with an interest rate not exceeding 2% per year) to graduates of accredited colleges who have completed a trade program. These loans are designed to help graduates purchase necessary tools and equipment for their trade, with a repayment period of up to 10 years. If the borrower maintains full-time employment (32 hours or more per week) in their trade for at least 5 years, the loan may be fully forgiven. Second, the bill introduces a tax credit for employers who reimburse their eligible employees for trade tools purchased within the first year of employment. Employers can receive a nonrefundable tax credit equal to 25% of the reimbursement costs, up to $5,000 per employee. The bill also appropriates $1,000,000 annually for the 2026-2027 biennium to fund the Loans for Trade Tools Program, with the Finance Authority of Maine responsible for administering the program, conducting outreach, and establishing application and approval processes. The goal is to support trade professionals by reducing financial barriers to entering and maintaining employment in trade professions.

Housing and Urban Affairs

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1812&snum=132