Crowdfunding, revenue sharing and farm bill reactions
While debate over expanding Medicaid in Maine continues to simmer, lawmakers have started sending bills to Gov. Paul LePage's desk, including legislation that would allow companies to sell equity to numerous small investors, a process called crowdfunding.
E pluribus
Absent a gubernatorial veto, Maine companies will be allowed to raise up to $1 million by selling equity stakes to in-state investors. The bill that headed to the governor's desk Feb. 7 would allow companies to advertise equity offerings publicly on sites like wefunder.com and raise no more than $5,000 per year from any single investor. Supporters of the bill said it would be helpful to startup companies.
The $40M question
Lawmakers have also sent the governor a bill to preserve $40 million in state revenue sharing with municipalities, with funding cobbled together after a committee failed to cut that amount in tax exemptions from the state's balance sheet. The Bangor Daily News reported LePage told an audience at the Maine Chamber of Commerce's annual summit that he would not veto the bill, but later statements from the governor's spokeswoman made LePage's intentions for the bill unclear. He has previously indicated opposition to the way the bill is paid for — partly from the state's rainy day fund — and said he would not approve any more state borrowing if it passed.
Farm hands
The $956 million farm bill signed by President Obama earlier this month is expected to boost organic farming, direct-to-consumer programs and research for specialty crops, but it did not include a provision the state's top agriculture official said would have helped Maine's dairy industry. The Portland Press Herald reported the bill increases funding for research and promotion of U.S. specialty crops abroad, which was lauded by blueberry and potato producers. The bill also boosts funding to expand farmers markets and allows organic farmers to recoup losses through crop insurance programs based on prices for organic products rather than conventional products. An amendment from U.S. Sen. Susan Collins to reform the federal milk pricing system did not make the final bill.
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