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Updated: June 24, 2019 Politics & Co.

Mills signs $8 billion budget and a host of business-related laws

Gov. Janet Mills signed into law the state’s $8 billion fiscal year 2020-21 budget, which expands health care, education funding, workforce development, infrastructure and the environment.

Of particular note for businesses would be a $4 million investment in broadband rural development; continuation of ongoing workforce training funding for the Maine Community College System; a property tax relief for small businesses.

The budget calls for $7.98 billion from the General Fund over the next two years as well as adding $19.8 million to the Budget Stabilization Fund. The budget includes:

Workforce training and higher education

  • $900,000 for adult education, $3 million for adult degree completion and $2 million for early college;
     
  • A nearly 3.3% increase for higher education and training programs — the Maine Community College System, the University of Maine System and Maine Maritime Academy — to help keep tuition fees down;
     
  • Allocation of $3 million for the Maine State Grant program.

Property tax relief

  • Allocation of an additional $75 million in property tax relief for seniors, families and small businesses;
     
  • Increase in the Homestead Exemption by $5,000 so Maine residents can exempt $25,000 from their property taxes;
     
  • Expansion of eligibility for the Property Tax Fairness Credit to include an additional 13,000 home owners;
     
  • Increase in revenue sharing from 2.5% to 3% next year, and almost 4% the following year.

Infrastructure, energy, climate and planning

  • $4 million to fund Department of Economic Development initiatives including broadband and rural development grants.
     
  • Support of a 10-year plan to triple in-state renewable energy generation sufficient to fully offset energy use in all sectors: electricity, heating, and transportation;
     
  • A significant investment in the Marine Resources Department.

Health care

  • $125 million to be matched with nearly $700 million in federal money for MaineCare Expansion;

Public education

  • Raise in the state share of education funding to nearly 51%, including $115 million in new state support for local education.

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