In April, the Maine Legislature passed LD 2010 – a bill proposed by Senate President Troy Jackson to provide small businesses some relief from high energy costs.
We are happy to report that Governor Mills signed this bill into law before lawmakers wrapped up this past legislative session.
So what does this new law mean for Maine’s small businesses?
In response to this year’s massive swing in electric rates, LD 2010 will make tiered credit of up to $3,000 available for small businesses with high electricity costs. More specifically, it provides one time $1500, $2,000, or $3,000 tax rebates for small businesses depending on their electricity usage.
Following the bill’s signature, Senate President Troy Jackson shared a few words about the importance of the new legislation.
“If you have these massive increases in electric rates, small business owners will pass them on. When they pass them on it affects everyday working-class people. So that’s why we went forward, trying to do something, figure out something to help them,” said Senator Jackson.
Thank you, Senator Jackson, the Maine Legislature, and Governor Mills for working together to curb electric costs for our small businesses.