Sen. Pierce introduces bill to authorize bond for Research and Development
AUGUSTA — Today, Sen. Teresa S. Pierce, D-Falmouth, introduced a bill to authorize a bond to invest in research and development. LD 416, “An Act to Authorize a General Fund Bond Issue for Research and Development and Commercialization,” was the subject of a public hearing before the Legislature’s Appropriations and Financial Affairs Committee. This would make a statewide investment in growing Maine’s science, tech and biomedical industries, encouraging more of these companies to grow in Maine.
“Our state is at an inflection point. If we are to remain competitive in a rapidly growing economy, the time to invest in and expand our industries is now. This bill would allocate funds in support of technological innovation leading to commercialization,” said Sen. Pierce. “Our last R&D bond passed in 2017 with overwhelming bipartisan support. According to an independent economic analysis, our $45 million investment generated more than 5,350 jobs, and $1.4 billion in economic impact for the State of Maine, reaching every corner of the state.”
The investments would be prioritized and targeted through a competitive process and allow Maine-based public and private institutions to leverage matching private and federal funds on at least a one-to-one basis. Multiple industry leaders testified in support of LD 416.
“LD 416 represents a vital step forward to help develop Maine’s future economy. That’s why there is such a broad cross-section of support across economic sectors and public and private research institutions,” said Michael Pollastri, Senior Vice Provost at The Roux Institute at Northeastern University. ”It will help make Maine more competitive. And it will help attract new industry to Maine that will provide high-quality jobs to residents of the state, giving young Mainers access to better economic opportunities in the state and attracting newcomers to help power Maine’s future growth.”
“A similar bond passed in 2017, and this investment was the catalyst for our successful partnership with The Jackson Laboratory, providing childcare services to over 100 working families and 150 children,” said Thomas Warren, Down East Family YMCA Interim CEO. “This partnership is a unique example of the economic benefits of Research and Development investment in a community to provide high quality services and programs in support of working parents and families.”
“I am one of 2 partners in a small, minority owned business in Bangor, Maine,“ said Laura Lockwood of Gel Hydration Technologies, Inc. “We are a biotech manufacturing company, creating edible gel products to address hydration issues in animals. We plan to bring in revenue and jobs for the state of Maine for years to come. As a 2-time recipient of an MTI grant award, we rely on Maine-based grants to help grow our company.”
The bill will be voted on by the AFA Committee before it is debated by the full Legislature.
