Maine Revised Statutes Title 5 Sec. 13070-Q – Maine Economic Development Evaluation Fund
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1. Fund established. The Maine Economic Development Evaluation Fund, referred to in this section as “the fund,” is established as a nonlapsing Other Special Revenue Funds account administered by the department for the purposes of funding the comprehensive economic development investments evaluation required pursuant to section 13070?P, subsection 1.
[PL 2017, c. 264, §14 (NEW).]
Terms Used In Maine Revised Statutes Title 5 Sec. 13070-Q
- Department: means the Department of Economic and Community Development. See Maine Revised Statutes Title 5 Sec. 13054
- Economic development investments: means commitments of state funds, dedicated revenue funds and tax expenditures as defined by section 1666 for research and development activities and economic development incentive programs. See Maine Revised Statutes Title 5 Sec. 13070-J
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Research and development activities: means activities that directly or through capital investment support basic and applied scientific research and related commercial development funded by state appropriations and bond proceeds. See Maine Revised Statutes Title 5 Sec. 13070-J
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Fund sources. The fund receives money deposited by the Treasurer of State pursuant to this section and any other gift, grant or other source of revenue deposited for funding the comprehensive economic development investments evaluation required pursuant to section 13070?P, subsection 1.
[PL 2017, c. 264, §14 (NEW).]
3. Payments to fund. Notwithstanding section 1585 or any other provision of law:
A. The department shall assess agencies or private entities that receive General Fund appropriations or general obligation bonds for economic development incentives an amount for contribution to the fund that is not to exceed 0.8% of General Fund appropriations received by or general obligation bonds issued to an agency or entity for economic development incentives. Private entities that receive funds from general obligation bonds for economic development incentives shall pay to the Treasurer of State in the fiscal year in which the general obligation bond was issued an assessment amount determined by the department that is not to exceed 0.8% of the proceeds from the bond issue in any fiscal year, which payment must be made from available resources other than bond proceeds. Only those programs that receive $250,000 or more in economic development appropriations in any fiscal year or those entities that receive funds from a general obligation bond issue of $250,000 or more for economic development incentives in any fiscal year, as identified and certified by the department and the Office of Fiscal and Program Review, may be assessed pursuant to this subsection. The department shall provide to each agency or private entity that is assessed a payment under this paragraph an annual budget for the fund and a detailed account of each institution’s required assessment. Total payments made pursuant to this paragraph may not exceed $200,000 in any fiscal year; and [PL 2017, c. 264, §14 (NEW).]
B. Agencies or private entities that receive General Fund appropriations or general obligation bonds for research and development activities shall contribute to the fund an amount not to exceed 0.8% of General Fund appropriations received by and general obligation bonds issued to an agency or entity for research and development activities. Private entities that receive funds from general obligation bonds for research and development activities shall pay to the Treasurer of State in the fiscal year in which the general obligation bond was issued an amount not to exceed 0.8% of the proceeds from the bond issue in any fiscal year, which payment must be made from available resources other than bond proceeds. Only those programs that receive $500,000 or more in research and development appropriations in any fiscal year, or those entities that receive funds from a general obligation bond issue of $500,000 or more for research and development activities in any fiscal year, as identified and certified by the Office of Innovation, established pursuant to section 13105, and the Office of Fiscal and Program Review, may be assessed. The Office of Innovation shall provide to each agency or private entity that is assessed a payment under this paragraph an annual budget for the fund and a detailed account of each institution’s required assessment. Total payments made pursuant to this paragraph may not exceed $200,000 in any fiscal year. [PL 2017, c. 264, §14 (NEW).]
[PL 2017, c. 264, §14 (NEW).]
SECTION HISTORY
PL 2017, c. 264, §14 (NEW).