Gov. Janet Mills has signed into law a new tax credit to incentivize the manufacture of chemicals and fuels made from renewable resources.
Investment attracted by the tax credit is projected to create or retain over 1,000 manufacturing jobs in the forest sector alone over the next 10 years, according to an analysis by Biobased Maine, a trade group to advance the state’s renewable-resource manufacturing industry.
“We’re excited to see Maine’s governor sign this competitive tax credit for renewable chemicals and products into law,” said Jamie Chittum, board president of Biobased Maine, in a statement. “This legislation will accelerate the growth of Maine’s emerging biobased industry, which manufactures climate-friendly products from sustainably sourced Maine biomass, and will bring jobs and economic prosperity back to Maine’s rural communities.”
Maine has became the third state in the country to enact a production tax credit for renewable chemicals, after Iowa and Minnesota, both of which promote corn to replace oil and gas. However, Maine’s tax credit is higher than those states at 8 cents per pound of renewable chemicals produced.
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