A bill meant to attract investments to the state by large businesses received unanimous bipartisan support from members of the Legislature’s Labor, Commerce, Research and Economic Development Committee.
The bill, LD 1480, would establish the “Invest in Maine Capital Fund” within the Finance Authority of Maine for business developments that meet three criteria: to support business developments worth at least $50 million or that create or retain at least 250 jobs that pay at least 125% of the state average wage.
“This is a jobs bill for Maine people,” Sen. Stan Gerzofsky of Brunswick, the bill’s sponsor , said in a statement. “Improving our ability to attract major business will be a game changer in job creation. Maine does a great job in supporting our small business sector. This bill will make us a player in bringing in companies that create hundreds, not dozens, of jobs.”
The legislation, which is now headed to the Maine State Senate, is modeled after similar successful programs in other states. Taxpayers wouldn’t be liable if a development or business should fail. Instead, the Maine Capital Fund would operate as a mutual fund for business investments that would be capitalized by pension funds, institutional endowments and other types of investment instruments.
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