PLEASE JOIN US IN STRONG SUPPORT OF LD 2044
As you will see listed below, on Tuesday the Tax Committee will consider LD 2044, “An Act To Allow For The Transferability Of The Biofuel Production And Renewable Chemicals Tax Credits.” MFPC strongly supports this bill, which would retool an existing tax incentive that has not yet been utilized in a way that would make it more beneficial for where we are at in establishing biofuel manufacturing today.
Currently, there are three companies that have expressed interest in establishing a biorefinery in Maine (Castlerock in Millinocket, Biofine in Lincoln and DG Fuels in Limestone). These projects are currently in the capital raising phase, which makes this legislation timely and important.
If successful, the proposed biofuel projects in Lincoln and Millinocket alone would provide additional diversity for our heritage industry, with demand equal to approximately 35 truckloads of wood per day in a region that has suffered from the loss of multiple mills.
Our testimony is linked here for those who would like to learn more.
We hope that you will consider joining us, or submitting testimony electronically, in strong support of LD 2044.
As always, please reach out if you need assistance.