AUGUSTA — Legislation from Senate President Troy Jackson, D-Allagash, to allow a potato processing plant in Aroostook County, was enacted in the Senate on Tuesday. LD 1586, “An Act To Promote Major Food Processing and Manufacturing Facility Expansion and To Create Jobs in Maine,” creates a tax credit for major food processing and manufacturing businesses that want to expand their headquarters in Maine.
“This bill is about promoting economic development in rural Maine by incentivizing companies to relocate to the rural parts of this state and provide good-paying jobs to hardworking people,” said President Jackson. “I’m hopeful the construction of the McCrum facility in Washburn will mark the start of a much larger trend.”
LD 1586 provides a tax credit to food processing companies that have headquarters in Maine for a minimum of five years, pay 75 percent of their workforce above the income threshold established by the Department of Economic and Community Development, create at least 40 new full-time employees by the end of the first year qualifying for the credit, and intend to make a qualified investment of at least $35 million in the construction or expansion of a facility for that business within the first five years of the credit.
LD 1586 will now go to the governor’s desk. Gov. Janet Mills had 10 days to sign the bill into law, let it become law without her signature or veto it.