An Act To Promote Biomanufacturing And Biotechnology Development By Establishing A Tax Credit

This bill establishes a grant program to support the development of biotechnology incubators and biomanufacturing facilities in Maine. To qualify, applicants must submit a business plan demonstrating an investment between $5 million and $15 million to build or expand these facilities within two years of approval. The program prioritizes incubators that have existing partnerships with academic institutions or businesses focused on biotechnology research. Grants are awarded based on specific criteria, including the applicant's capacity to invest and the timeline for completing the project.