Maine lawmakers to consider extending tax credit for Bath Iron Works

[TexasTowelie]

BATH – Navy shipbuilder Bath Iron Works wants to extend a tax credit for up to $3.5 million a year, which it says is needed to remain competitive.

The Times Record reports that the Maine Legislature will consider a proposal to continue the tax credit that’s due to expire in 2018.

Since the late 1990s, the Bath shipyard has benefited from Maine’s Shipbuilding Facility Credit as long as it invests $200 million in its facility. A report by Maine Revenue Services says the company had invested $464 million through 2015.

Democratic Rep. Jennifer DeChant of Bath is sponsoring the bill. She says the extent to which the tax breaks are modified “has yet to be determined.”

http://www.pressherald.com/2017/11/16/maine-lawmakers-to-consider-extending-tax-credit-for-biw/
(short article)

[Massacure]

1. Seems to make sense

The state forgoes $3.5 million a year in revenue as long as the company invests $200 million and maintain employment of at least 6,500 people earning more than the state average in pay.

http://legislature.maine.gov/statutes/36/title36ch919sec0.html

[mn9driver]

2. The iron works adds way more than that to the local economy.

3.5 million is a bargain.