GARDINER, Maine (AP) - A Maine company says 300 employees will receive bonuses following changes to the federal tax code enacted at the end of 2017.
Everett J. Prescott Inc., a Gardiner-based waterworks materials company, says the bonuses will arrive Monday. The Kennebec Journal reports CEO Peter Prescott said Friday that many employees will receive a $1,000 bonus.
He says employees with less than a year of service will still receive a $250 bonus.
The family-owned company employs about 300 people across 26 locations in New England, New York, Ohio and Indiana. Prescott says the average tenure of an employee is 20 years.
The new federal tax legislation, which went into effect on Jan. 1, cut the corporate tax rate from 35 percent to 21 percent.