An Act To Authorize A General Fund Bond Issue For Research And Development And Commercialization

LD 506 proposes a $50 million general fund bond issue to fund research and commercialization projects. It would provide competitive grants to Maine-based public and private institutions for technological innovation in targeted sectors like biomedical tech, renewable energy, and advanced manufacturing, requiring at least a one-to-one match of private or federal funds. The bond proceeds must be spent under the direction of the Department of Economic and Community Development, specifically through the Office of Innovation. The bond issue requires voter approval via referendum, as specified in the bill.