Maine Governor supports newly instated renewable chemicals tax credit

In Maine, Governor Janet T. Mills released a letter about the newly instated renewable chemicals tax credit, saying “Maine boasts the most competitive renewable chemical tax credit in the nation” and COVID-19 “has also provided an opportunity to pause and reflect on our current systems, and to carve a path forward that supports growth and that puts people first while supporting energy and climate goals.”

The letter notes:

“At $0.08 per pound of renewable chemicals produced, this tax credit is competitive with existing renewable chemicals legislation, and reinstates a biofuel production tax credit at $0.05 per gallon. Our Pine Tree Development Zone program offers a tax credit for up to ten years when businesses create new, quality jobs in certain sectors, or move existing jobs in those sectors to Maine. And Maine is home to 32 Opportunity Zones, a community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities.”

Download the full letter here.