Maine § 5 §13063-C Job Retention Program

Maine Statutes

§ 5 §13063-C — Job Retention Program

Maine·Title 5 ADMINISTRATIVE PROCEDURES AND SERVICES·Part 18-A ECONOMIC AND COMMUNITY DEVELOPMENT

1.Establishment. The Job Retention Program is established within the Department of Economic and Community Development to encourage the retention of existing quality jobs in this State. Funds available in this program do not lapse but must be carried forward, except as provided in subsection 4, in order to carry out the purposes of this section.

2.Definitions. As used in this section the following terms have the following meanings.

3.Expenditures from the program. The commissioner shall authorize payment from the program in an amount not to exceed $150,000 annually. In determining the amount of payment to any certified retained business, the commissioner may use the calculation methodology established in Title 36, section 6754, subsection 1. A certified retained business may receive paym

Free access — add to your briefcase to read the full text and ask questions with AI

1.
Establishment.
The Job Retention Program is established within the Department of Economic and Community Development to encourage the retention of existing quality jobs in this State. Funds available in this program do not lapse but must be carried forward, except as provided in subsection 4, in order to carry out the purposes of this section.
2.
Definitions.
As used in this section the following terms have the following meanings.
3.
Expenditures from the program.
The commissioner shall authorize payment from the program in an amount not to exceed $150,000 annually. In determining the amount of payment to any certified retained business, the commissioner may use the calculation methodology established in Title 36, section 6754, subsection 1. A certified retained business may receive payments for a period not to exceed 10 years, only if the business continues to meet the criteria established in subsection 2. Payments must be made no later than July 31st of each fiscal year beginning in fiscal year 1997-98 and ending in fiscal year 2006-07. Payments received by a certified retained business pursuant to this section must be used for capital investments, including, but not limited to, the acquisition, refurbishments, upgrading, modification and leasing of buildings, machinery and equipment.
4.
Transfer from program.
Funds must be transferred from the program as follows:
5.
Investment of funds.
The money in the program may be invested as provided by law with the earnings credited to the program.
6.
Criteria for approval.
Prior to issuing a certificate of approval to a business, the commissioner must find that the applicant qualifies as a certified retained business. Notwithstanding the provisions of this section, the commissioner may not accept or certify an application for a certified retained business that is submitted by the applicant after February 28, 1997.

Maine § 5 §13063-C (Job Retention Program) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

PL 1995, c. 706, §2 (NEW). PL 1997, c. 393, §A13 (AMD). PL 2001, c. 680, §1 (AMD). PL 2003, c. 451, §X10 (AMD). PL 2005, c. 2, §A9 (AMD). PL 2005, c. 2, §A14 (AFF).