Maine Gov's Veto of $20M R&D Bond Stands

House lawmakers fell short of overriding Gov. Paul LePage's veto of a $20 million bond for R&D projects that would have gone to voters in November following passage in the legislature earlier this month. The money would have been used by the Maine Technology Institute to provide competitive grants to businesses, nonprofit organizations, university research labs and others for R&D and commercialization projects through the Maine Technology Asset Fund (MTAF).

MTAF was formed in response to the voter-approved $50 million bond to help grow the state's economy through high-tech investments in 2007. Another $3 million was approved in 2010. MTAF has achieved significant results through its $53 million investment. Since 2008, MTAF has invested in 35 R&D projects across Maine and leveraged $82 million in private and federal funds to create new jobs and support new product development.

Gov. LePage vetoed the bond measure last week despite widespread support in the legislature. In his veto message, the governor listed two specific concerns. First, he did not want to use debt to pay operational costs, and second, he felt a majority of the funds from the past bond were allocated to nonprofit and government programs rather than the private sector. The Senate voted today 29-6 to override the veto while House lawmakers fell short of the two-thirds majority needed to override the veto with a vote of 88-53, reports the Bangor Daily News. The bill, LD 225, is available at: http://www.maine.gov/legis/.