H.P. 1585 - L.D. 2216
An Act to Implement the Recommendations of the Commission to Study the Restructuring of the State's Fiscal Policies to Promote the Development of High-technology Industry in Maine
Be it enacted by the People of the State of Maine as follows:
Sec. 1. Establishment of Ph.D. programs. The Chancellor of the University of Maine System shall identify, within the University of Maine System, the high-technology disciplines that would be the most productive for the establishment of programs, including Ph.D. programs, to provide educational and professional opportunities for Maine students and economic opportunities through the establishment of significant academic high-technology resources. The chancellor shall consider especially the establishment of Ph.D. programs in computer science and electrical engineering as well as other areas where Ph.D. programs do not currently exist within the target areas identified by the Maine Science and Technology Foundation: biotechnology, environmental technology, composite technology, information technology and marine science technology. The chancellor shall present a report on the need for any additional high-technology degree programs, including any necessary implementing legislation, to the joint select committee of the Legislature having jurisdiction over researach and development matters, the joint standing committee of the Legislature having jurisdiction over education and cultrual affairs and the 119th Legislature by
January 1, 1999 for the establishment of Ph.D. programs in a timely manner.
Sec. 2. Financial aid programs. The Finance Authority of Maine shall review existing student financial aid programs for supporting students pursuing high-technology courses of study and make recommendations to the 119th Legislature by January 1, 1999, including any necessary implementing legislation, to provide additional resources to support such students.
Sec. 3. Availability of capital. The Finance Authority of Maine shall analyze the availability of capital for business start-up and development to determine if sufficient capital is available for all levels of high-technology business needs and to identify what barriers may exist to accessing capital. The Finance Authority of Maine shall develop strategies for increasing capital, if necessary, and for assisting fledgling businesses in locating and obtaining capital and for removing barriers to access. The authority shall submit a report to the 119th Legislature by January 1, 1999 describing the results of its analysis and containing its recommendations along with any necessary implementing legislation.
Sec. 4. Analysis and review of effectiveness of tax incentives.
1. Analysis of tax incentives. The Bureau of Revenue Services shall gather and analyze, to the maximum extent possible while preserving any taxpayer confidentiality as provided in the Maine Revised Statutes, data regarding businesses taking advantage of the following incentives:
A. The Maine Employment Tax Increment Financing Program;
B. The seed capital investment tax credit;
C. The research expense tax credit;
D. The supercredit for substantially increased research and development;
E. The high-technology investment tax credit;
F. The sales tax exclusion for custom computer software;
G. The sales tax exemption for nonprofit medical research corporations and biology and ecology labs;
H. The sales tax exemption for sales of research and development equipment; and
I. The sales tax exemption for organizations conducting research for the Maine Science and Technology Foundation.
All other agencies involved in the administration of a tax incentive subject to analysis shall provide any information requested by the Bureau of Revenue Services to complete the analysis required by this section.
2. Effectiveness of tax incentives. The Department of Economic and Community Development shall examine the information provided by the Bureau of Revenue Services and determine whether each tax provision is an effective means of providing incentives for the growth of high-technology businesses in the State and make recommendations for any necessary changes.
3. Report. The Bureau of Revenue Services and the Department of Economic and Community Development jointly shall submit the results of the examination required by this section, including any necessary implementing legislation, to the 119th Legislature by January 1, 1999.
Sec. 5. High-technology marketing. The Maine Science and Technology Foundation and the Department of Economic and Community Development jointly shall, pursuant to the State science nd technology plan, identify action steps for attracting and developing new companies, including a plan for marketing the State as a high-technology location. The foundation and the department shall present the plan, including any necessary implementing legislation, to the 119th Legislature by September 1, 1999 for aggressively marketing the State's potential as a location for high-technology businesses.
Sec. 6. Clearinghouse. The Maine Science and Technology Foundation, working with the Maine Development Foundation, the Finance Authority of Maine, the Department of Economic and Community Development, the State Planning Office, the Department of Labor, the University of Maine System, the Technical College System and the high-technology industry, shall establish a statewide clearinghouse for information and assistance to persons seeking to conduct research and development and to develop high-technology businesses in the State. The clearinghouse may include, but is not limited to, the following information and assistance: a complete inventory of existing high-technology resources; sources of federal and private financial support for research and development and assistance in grant writing; and development of technology business plans, accessing capital, obtaining legal and other professional assistance, managing business growth and marketing, the science and technology report card and information on the availability of a skilled workforce. The foundation shall submit a progress report by September 1, 1999 to the joint standing committee of the Legislature having jurisdiction over business and economic development matters on the establishment
of the clearinghouse. The report may include recommendations on legislation required for full implementation of the statewide clearinghouse.
Sec. 7. PL 1997, c. 557, Pt. C, §11 is amended to read:
C-11. Report. The commission shall present its findings and any recommended legislation to the Second Regular Session of the 118th Legislature by January 1 February 3, 1998.
Sec. 8. Retroactivity. That section of this Act that amends Public Law 1997, chapter 557, Part C, section 11 is retroactive to January 1, 1998.
Effective July 9, 1998, unless otherwise indicated.
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