Chamber supports bill that provides refundable income tax credit to paper industry
On Thursday, May 20, the Joint Standing Committee on Taxation held a public hearing on LD 1713, An Act to Increase Workforce Skills for the Revitalization of Maine’s Paper Industry Through the Establishment of an Income Tax Credit for Paper Manufacturing Workforce Training. The Maine State Chamber submitted testimony in support of the bill as amended, which creates a refundable income tax credit for paper manufacturers that make significant capital investments in the state while maintaining a certain level employment and income level.
The paper industry is one of Maine’s most iconic industries that continues to be an extremely important part of Maine’s economy, providing jobs and making investments here in Maine. Maine’s paper industry is very capital intensive. Because the industry operates in a global economy, the paper industry continually needs to invest in capital, machinery, and equipment, as markets change, customers’ demands in the market need to be met, and new technology comes online.
By keeping the paper industry competitive, it not only helps to retain existing jobs, but it also helps to retain indirect jobs as well. This bill helps workers succeed in the global economy by giving them the necessary tools to be able to compete and continue to make world class products. Keeping Maine’s workforce competitive is absolutely critical to be able to operate globally.
The work session has not been scheduled yet on this bill. If you have any questions, please contact Linda Caprara by calling (207) 623-4568, ext. 106, or by emailing firstname.lastname@example.org.
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