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