Updated: June 24, 2019
Politics & Co.
Mills signs $8 billion budget and a host of business-related laws
By Staff
Gov. Janet Mills signed into law the state’s $8 billion fiscal year 2020-21 budget, which expands health care, education funding, workforce development, infrastructure and the environment.
Of particular note for businesses would be a $4 million investment in broadband rural development; continuation of ongoing workforce training funding for the Maine Community College System; a property tax relief for small businesses.
The budget calls for $7.98 billion from the General Fund over the next two years as well as adding $19.8 million to the Budget Stabilization Fund. The budget includes:
Workforce training and higher education
- $900,000 for adult education, $3 million for adult degree completion and $2 million for early college;
- A nearly 3.3% increase for higher education and training programs — the Maine Community College System, the University of Maine System and Maine Maritime Academy — to help keep tuition fees down;
- Allocation of $3 million for the Maine State Grant program.
Property tax relief
- Allocation of an additional $75 million in property tax relief for seniors, families and small businesses;
- Increase in the Homestead Exemption by $5,000 so Maine residents can exempt $25,000 from their property taxes;
- Expansion of eligibility for the Property Tax Fairness Credit to include an additional 13,000 home owners;
- Increase in revenue sharing from 2.5% to 3% next year, and almost 4% the following year.
Infrastructure, energy, climate and planning
- $4 million to fund Department of Economic Development initiatives including broadband and rural development grants.
- Support of a 10-year plan to triple in-state renewable energy generation sufficient to fully offset energy use in all sectors: electricity, heating, and transportation;
- A significant investment in the Marine Resources Department.
Health care
- $125 million to be matched with nearly $700 million in federal money for MaineCare Expansion;
Public education
- Raise in the state share of education funding to nearly 51%, including $115 million in new state support for local education.
Mainebiz web partners
Most Recent
Most Recent
0 Comments