Gerzofsky’s jobs bill earns unanimous, bipartisan Labor Committee support

A measure aimed at attracting large-business investments to Maine received unanimous bipartisan support today in the state’s Labor, Commerce, Research and Economic Development committee.

“This is a jobs bill for Maine people,” said Sen. Gerzofsky of Brunswick, the bill’s sponsor. “Improving our ability to attract major business will be a game changer in job creation. Maine does a great job in supporting our small business sector. This bill will make us a player in bringing in companies that create hundreds, not dozens, of jobs.”

The bill, LD 1480, would establish the Invest in Maine Capital Fund within the Finance Authority of Maine. The fund would support businesses developments that meet three criteria: They must commit to investing at least $50 million in Maine, create or retain at least 250 jobs, and pay their employees at least 125 percent of the state average wage.

The legislation is modeled on successful programs in other states, which have provided seed capital for business creation and expansion. The initiative would not be funded by taxpayer dollars, nor would it put Maine taxpayers on the hook should any business development fail. Rather, the Maine Capital Fund would essentially operate as a type of mutual fund for business investments and will be capitalized by pension funds, institutional endowments, insurance companies and other types of investment instruments.

The bill now heads to the Senate.

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