An Act To Promote An Innovation-Driven Economy By Increasing Research And Development Spending

Maine bill LD 788 requires the Maine Economic Growth Council to track and report on the state's research and development (R&D) spending as a percentage of Maine's economy. The bill mandates annual reports by June and December to legislative committees overseeing economic development and budget matters, detailing progress toward meeting the national average for R&D spending by 2030. The Council must also submit budget recommendations to support this goal, working with the Office of Innovation and the Maine Innovation Economy Advisory Board. This bill directly affects state budget planning and accountability for R&D investment, with no new funding mechanisms created.