Sen. Patrick submits bill to promote rural investment

AUGUSTA – Democratic Sen. John Patrick of Rumford has submitted a bill to encourage private investment in rural areas experiencing industry decline.

“In the wake of recent mill closures in our hard-working communities, economic development must be our top priority,” said Sen. Patrick, who serves on the Legislature’s Labor, Commerce, Research and Economic development Committee. “Maine needs a new and different method for attracting sustainable investment in our rural communities.”

The bill, LR 2460, “An Act To Create a Maine State Rural Investment Tax Credits Program,” would establish a tax credit program for companies that would invest and creates jobs in rural areas of the state.

All legislation will be presented to the Legislative Council for its approval on Thursday, October 22. If approved by the Council, the Legislature will take up the bills when they reconvene for the second session in January, 2016.

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