Bill > LD1951

This bill modifies Maine's tax credit program for food processing and manufacturing facility expansion, extending and enhancing several key provisions. The bill changes the timeline for qualified investments from December 31, 2024, to December 31, 2027, and increases the total aggregate certificate of approval amount from $100,000,000 to $200,000,000, with individual certificates now able to be up to $100,000,000 (increased from $85,000,000). The legislation adjusts employment requirements, now specifying that at least 75% of employees must have been employed for at least 12 months and that these employees' annual income must exceed the county's per capita personal income. The tax credit will remain at 1.8% of qualified investment but will increase to 2% for tax years beginning on or after January 1, 2027, with a maximum claim period of 20 years. Additionally, the bill expands annual reporting requirements for certified applicants, mandating more detailed reporting on full-time employment, job creation, and investment metrics. These changes aim to provide more robust incentives for food processing and manufacturing businesses to expand and create jobs in Maine, while also increasing transparency and accountability for companies receiving tax credits.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1951&snum=132