AUGUSTA, Maine (WABI) - Lawmakers discussed a bill Wednesday aimed at encouraging investment in bio-biased manufacturing to create jobs, bring more business into Maine, and help fight climate change.
The bill, sponsored by Assistant House Majority Leader Ryan Fecteau, (D) Biddeford, would create a tax credit for creating renewable products from biomass, such as polymers, chemicals, plastics, and formulated products.
It proposes a $0.07 per pound tax credit, and can go as high $0.12 per pound if companies meet certain standards.
"Among these opportunities, bio-based products made from Maine wood stand out as good for our economy, for rural communities, for the environment and public health," said Fecteau.
The bill would also bring back another tax credit for commercial production and use of biofuels.