In May 2021, Maine Gov. Mills unveiled an economic recovery plan that will invest more than $1 billion in federal funds allocated to the state under the Ameri- can Rescue Plan. Nearly a third of this is allocated for long-term economic growth. The Governor’s Economic Recovery Committee and the state’s 10-Year Economic Development Strategy call for investment in skills training, R&D and new worker attraction. Strategic investments include $80 million to jumpstart innovation through public-private partnerships and $105 million to support infrastructure and equipment upgrades in higher education systems.
Major Business Headquarters Expansion Program: Offers a tax credit of 2% of the qualified investment for a period of up to 20 years for businesses that locate a major headquarters in the state and create high-quality jobs.
Technology Tax Credits: Offers tax credits and exemp tions for everything from electricity cost to equipment purchases and other R&D expenses for companies involved in manufacturing and certain research-driven activities.
Small Enterprise Growth Fund: Offers initial matching investments from $150,000 to $300,000 to small businesses that demonstrate the potential for high growth and public benefit.
Maine Technology Institute (MTI): A non-profit that offers funding for private companies and research labs to promote R&D and assist innovative companies to in gettingproducts to market faster.
Department of Economic and Community Development
maine.gov/decd
City of Augusta Economic Development augustamaine.gov/departments/development_services/economic_and_community_development/
economic_development.php
Bangor Region Chamber of Commerce
bangorregion.com
Greater Portland Economic Development Corp.
greaterportlandinc.com
Public and private funding in excess of $60 million will be used to expand education access to degree and certificate programs for more than 24,000 residents over the next four years. Training will be provided at no cost in health care, the green economy, trades, manufacturing, hospitality, education and computer technology.
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