Governor Janet Mills Signs Renewable Products Tax Credit into Law

In Maine, Governor Janet Mills signed into law last week a tax credit that will create hundreds of jobs making climate-friendly products from renewable resources, or “biobased” products, in Maine. Supporters were grateful for Maine lawmakers’ leadership in passing this important legislation amid the state’s critical response to the COVID-19 pandemic.

“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. “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.”

LD 1698, championed by Assistant Majority Leader Ryan Fectau (D-Biddeford), is a production tax credit to incentivize the manufacture of renewable chemicals and advanced biofuels from the sustainable resources of forest, farm and sea. Investment attracted by this tax credit is projected to create or retain over 1,000 good-paying manufacturing jobs in the forest sector alone over the next ten years, according to an analysis by Biobased Maine, a trade group advancing the biobased industry in Maine.