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Chinese paper firm to receive $12M in tax credits for mill

December 14, 2018

OLD TOWN, Maine (AP) — A Chinese paper firm that bought a Maine mill is slated to receive $12 million in tax credits.

The Bangor Daily News reports the Finance Authority of Maine announced Thursday that it had chosen Nine Dragons Paper LLC for the credits over a seven-year period. Officials say the credits were made possible through the Maine New Markets Capital Investment Program.

The authority said in a release Thursday that ND Paper expects to create or retain about 130 direct jobs at the Old Town Mill. ND Paper bought the mill from OTM Holdings for an undisclosed amount in October.

Brian Boland, who serves as the firm’s Vice President of Government Affairs and Corporate Initiatives, said in a statement the tax credits will help the company restart the facility.

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Information from: Bangor Daily News, http://www.bangordailynews.com

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