131st MAINE LEGISLATURE
		LD 1475		LR 1929(02)
	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
Fiscal Note
			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.