$60 million tax break for shipyard gains support
AUGUSTA, Maine (AP) — A $60 million tax break for Navy shipbuilder Bath Iron Works is gaining support from some lawmakers.
Maine Public reports that the Legislature’s taxation committee voted 8-2 Tuesday to support extending a tax break for Bath Iron Works of $60 million over the next 20 years.
The amended bill says BIW must invest at least $200 million in the facility and keep a stable workforce of 5,500. If the shipyard fails to do so, it could face a reduction in its tax credit.
Critics including Democratic Sen. Justin Chenette question why a taxpayer handout is necessary when the shipyard’s parent company General Dynamics is making billions in revenue.
The bill now goes to the House and Senate for rounds of votes.