LD 1586 continues to make its way through lawmakers in Augusta. The bill is designed to encourage development of businesses in Maine.
The bill provides a tax credit to food processing companies that have headquarters in Maine for a minimum of five years and pay 75 percent of their workforce above the income threshold established by the Department of Economic and Community Development. To qualify for the credit, the business would be required to create at least 40 new full-time positions by the end of the first year. The business must also intend to make a qualified investment of at least $35 million in the construction or expansion of a facility for that business within the first five years of the credit.
"That's the type of legislation to me that we should be doing here in this building. We've got a Maine-based company that wants to expand in Maine. They actually wanted to have in the legislation that, you know, 95 percent of the potato product would come from Maine farmers. They're gonna use Maine workers. I mean, they requested that be in there. They're 100 percent about Maine and for me, that's how it ought to be. I mean, Legislature working with companies that want to promote Maine, want to be here in Maine, and want to create good jobs," says Senate President Troy Jackson.
The bill will now wind its way through the Senate and House. If passed by both, its final destination will be the governor's office. Jackson says the bill could go before the governor for her signature as early as mid-June. If LD1586 is enacted, it will be up to the McCrums to decide whether to build a facility or not.