Maine Biotechnology Business Support
Maine Science and Technology Foundation: MSTF works to
increase industry access to science and technology resources, expand research and
development funds (matching grants), and provide technical assistance and help with
technology transfer. MSTF funds Centers for Innovation in Biomedical Technology (CIBT),
Aquaculture and Technology Transfer.
Investment Tax Incentive: Maine offers a partial
reimbursement for personal property taxes paid for business machinery and equipment.
R&D Tax Credit: Maine offers a research and
development tax credit for the 100% of the first $25,000 of tax due, and follows federal
guidelines and definitions.
Task Force: The State has established a Task Force on
Economic Development Tax incentives. The task force is charged with making recommendations
to change laws, rules, regulations or ordinances necessary to ensure that the state's
economic development tax incentive policies and programs maximize creation and retention
of quality jobs and compliment the State's long-term economic development plan.
Venture Capital Funding: Maine has several venture funds
which make money available to local biotechnology firms. The Maine Economic Development
Venture Capital Revolving Investment Fund, is a venture capital tax credit program that
provides increases in available tax credits and makes equity investments available to
small and start-up businesses (gross sales of $2 million or less). The Maine Technology
Investment Fund within Maine’s Science and Technology Foundation has an $800,000 fund
used to provide matching funds for federal grants and to encourage direct investment in
science and technology for targeted industries. The foundation directs funds to commercial
activities with high growth potential including biotechnology, environmental technology,
and biomedicine & biomaterial. A new $6.5 million small business fund was established
by to help biotechnology and other high technology firms.
Employee Training: Maine promotes modernization and job
training for small and medium-sized businesses by offering a tax credit for taxpayers with
fewer than 150 employees that upgrade equipment and conduct employee training.
For more information, please contact:
Biotechnology Association of Maine
Cheryl Timberlake
Executive Director
P.O. Box 646
Augusta, ME 04332
Phone: 207.623.5186
Fax: 207.623.1790
E-mail: cheryltimberlake@aol.com
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