![\"MaineShore-1-1024x683\"](\"https:\/\/renewable-carbon.eu\/news\/wp-content\/uploads\/2020\/03\/MaineShore-1-1024x683-1024x683.jpg\")
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In these frightening and stressful times, we\u2019re glad to be able to share a bit of good news with you.<\/strong><\/p>\n On Wednesday, March 18, Governor Janet Mills signed LD 1698: An Act to Create Jobs and Slow Climate Change by Promoting the Production of Natural Resources Bioproducts into law. This legislation, which offers an 8 cents per pound tax credit for the production of renewable chemicals and reinstates a latent biofuels tax credit at 5 cents per gallon, will help Maine compete for a market share in the growing global bioeconomy.<\/strong><\/p>\n Jamie Chittum, Board President at Biobased Maine and Director of Business Development at Quick Plug North America commented,<\/p>\n \u201cWe\u2019re excited to see Maine\u2019s Governor sign LD 1698, a competitive tax credit for renewable chemicals and products, into law. This legislation will accelerate the growth of Maine\u2019s emerging biobased industry, which manufactures climate-friendly products from sustainably sourced Maine biomass, and will bring jobs and economic prosperity back to Maine\u2019s rural communities.\u201d<\/p>\n With the signing of LD 1698, Maine became the third state in the country to enact a production tax credit for renewable chemicals, after Iowa and Minnesota, both of which promote corn to replace oil and gas.<\/p>\n And this legislation is directly in line with the 10-year Strategic Economic Development Plan released by the state, which outlines biobased products as a key opportunity to create jobs, increase investment, and lower the state\u2019s carbon emissions.<\/p>\n Biofine Developments Northeast Chief Development Officer, Mike Cassata, responded to the new law, \u201cThis tax credit will allow Biofine to scale up our technology to bring our renewable, wood-based home heating oil to market, creating good jobs for Maine citizens and helping to reduce the carbon footprint of Maine\u2019s economy.\u201d<\/p>\n \u201cAn incentive like this will help towns like East Millinocket attract new investment\u201d said Peggy Daigle, former town Manager. \u201cThis new biobased industry can create high-paying manufacturing jobs in our rural communities.\u201d<\/p>\n Biobased Maine would like to thank Governor Mills and other Maine lawmakers\u2019 leadership in passing this important legislation amid the state\u2019s critical response to the COVID-19 pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":" In these frightening and stressful times, we\u2019re glad to be able to share a bit of good news with you. On Wednesday, March 18, Governor Janet Mills signed LD 1698: An Act to Create Jobs and Slow Climate Change by Promoting the Production of Natural Resources Bioproducts into law. This legislation, which offers an 8 […]<\/p>\n","protected":false},"author":59,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","nova_meta_subtitle":"","footnotes":""},"categories":[5572],"tags":[5838,5842],"supplier":[15685,5662,16893],"class_list":["post-73291","post","type-post","status-publish","format-standard","hentry","category-bio-based","tag-bioeconomy","tag-biomass","supplier-biobased-maine","supplier-biofine-technology","supplier-government-of-maine"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/73291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=73291"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/73291\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=73291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=73291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=73291"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=73291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}