Approved: 06/16/23
LD 1475 LR 1929(02)
FY 2023-24 FY 2024-25
Projections
FY 2025-26
Projections
FY 2026-27
Net Cost (Savings)
General Fund $0 $0 $3,600,000 $3,600,000
Appropriations/Allocations
General Fund $0 $0 $3,600,000 $3,600,000
Fiscal Detail and Notes
The Office of Innovation within the Department of Economic and Community Development (DECD) will require
future General Fund appropriations of $3,600,000 per year beginning in fiscal year 2025-26 through fiscal year 2029-
30 for the Maine Technology Institute to administer a pilot grant program for investment in biotechnology and
biomanufacturing facilities. According to DECD, the grant program will begin accepting applications in fiscal year
2023-24, but will not begin awarding grants until certified applicants have met the program requirements and have
received a certificate of completion. DECD estimates that will not occur until after July 1, 2025. This bill limits the
amount of funding to be provided for the grants to $18,000,000 over the life of the program. The cost to the Maine
Technology Institute to administer the program can be absorbed within existing budgeted resources.
Fiscal Note
131st MAINE LEGISLATURE
An Act to Promote Biomanufacturing and Biotechnology Development by Establishing a Tax Credit
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
LR1929(02) - Fiscal Note - Page 1 of 1