AUGUSTA, Maine (AP) - Representatives of a Maine shipyard are asking legislators to renew a bill that guarantees $60 million in tax credits, a move that critics say will become a donation to the shipyard’s parent company, General Dynamics.
The Portland Press Herald reports Bath Iron Works representatives testified before the Legislature’s Taxation Committee on Tuesday. BIW says the tax credits spread over a period of 20 years will help the shipyard compete for Navy contracts.
Opponents of the bill argue General Dynamics is trying to take advantage of the state. The company has reported $2.9 billion in earnings for 2017, and it is requesting similar tax incentives in Rhode Island and Connecticut.
Critics of the bill say the $60 million should go toward public schools, combating the opioid crisis or improving infrastructure.
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Information from: Portland Press Herald, http://www.pressherald.com
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