An Act Establishing a Review Process for Measures with a Potential Economic Impact and Directing the Department of Economic and Community Development To Develop a Strategic Economic Plan
Sec. 1. 1 MRSA c. 34 is enacted to read:
CHAPTER 34
REVIEW OF MEASURES WITH ECONOMIC IMPACTS
§ 2801. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.
§ 2802. Review process
Sec. 2. Strategic economic plan. The Department of Economic and Community Development, in collaboration with public and private constituents, shall facilitate the creation of a 10-year strategic economic plan, referred to in this section as "the strategic plan," that recommends breakthrough strategies for increased economic prosperity for all citizens of the State in all regions, ultimately measured by increased household income, a growing workforce and sustainable business development.
The strategic plan must extend broadly from the Maine Innovation Economy Advisory Board's 2017 innovation economy action plan created pursuant to the Maine Revised Statutes, Title 10, section 949 and seek to leverage private and federal investment, particularly in areas of scientific research and commercialization. The strategic plan's strategic goals must include the following:
1. To drive the value-added contribution per job from $87,160 to a goal identified by the Department of Economic and Community Development;
2. To equitably grow the annual median wage per job from $31,550 to a goal identified by the Department of Economic and Community Development; and
3. To grow the workforce from 700,000 workers to a goal identified by the Department of Economic and Community Development.
The strategic plan must include sufficient assignments of accountability to ensure execution of the plan with sufficient metrics for effective management.
The strategic plan must include an analysis of gaps in funding and policy and recommendations that ensure dependable continuity of access to capital across business start-up stages from equity investments, seed capital tax credits, start-up grants and direct, revolving and commercial loans with clear benchmarks, rigorous accountability, public transparency and risk mitigation that protect public benefits.
Following a comprehensive assessment and trend analysis of research and development and business and commercial assets in the State, the Department of Economic and Community Development shall ensure that the strategic plan includes consideration of but is not limited to directing policy supports that suit economic development in the emerging sectors of: life sciences and biomedical technology, environmental and renewable energy technology, information technology, advanced technologies for forestry and agriculture, aquaculture and marine technology, composites and advanced materials and precision manufacturing.
The strategic plan must complement and support other concurrent and parallel state planning initiatives on energy and broadband connectivity such as the comprehensive state energy plan pursuant to the Maine Revised Statutes, Title 2, section 9, subsection 3, paragraph C, the Statewide Broadband Action Plan of the Department of Economic and Community Development dated March 2018 and the Detailed 2019-2021 Strategic Plan for Broadband Service in Maine created by the ConnectME Authority in February 2019.
The Department of Economic and Community Development shall establish a steering committee composed of representatives from the Department of Economic and Community Development, the Finance Authority of Maine and the Department of Labor and the State Economist; the steering committee shall guide the development of the strategic plan.
The Department of Economic and Community Development shall establish a work team, and the work team shall develop the content of the strategic plan. The work team must include, but is not limited to, the members of the steering committee and representatives from a state business organization, the Maine Technology Institute, the Maine Development Foundation, a venture capital fund operating in the State, the office of the President of the University of Maine and a state building and trades organization.
The content of the strategic plan must be informed by the work team and developed in consultation with individuals and agencies, including, but not limited to, those with qualifications and experience related to: scientific research leading to creation of intellectual property, entrepreneurship and successful development of start-up and spin-off businesses; evaluating and underwriting successful business start-ups; technology transfer and capitalization of intellectual property; evaluating or completing successful projects funded in partnership with institutions such as the National Science Foundation, the United States Department of Health and Human Services, the National Institutes of Health and National Institute of General Medical Sciences and the Maine Experimental Program to Stimulate Competitive Research, established in the Maine Revised Statutes, Title 5, section 13110, federal small business innovation research and small business technology transfer programs, national research laboratories and the Maine Technology Institute's technology asset fund.
The strategic plan must also be informed by input from, without limitation, the Finance Authority of Maine, the Maine Technology Institute, the Governor's office of innovation and the future, the Department of Economic and Community Development, the Maine Innovation Economy Advisory Board, the office of the President of the University of Maine, the office of the Chancellor of the University of Maine System, the ConnectME Authority, an organization representing the energy sector, a venture capital fund operating in the State, organizations in the State dedicated to entrepreneurship, an organization in the State dedicated to biomedical research excellence and the State's congressional delegation.
The Department of Economic and Community Development shall establish within the strategic plan a schedule for periodic review of the plan goals and progress made pursuant to those goals. The Department of Economic and Community Development shall also include within the strategic plan a strategy for continuation of the strategic plan following the expiration of the 10-year plan period.
By December 31, 2019, the Department of Economic and Community Development shall provide a report on the strategic plan to the Joint Standing Committee on Appropriations and Financial Affairs and the Joint Standing Committee on Innovation, Development, Economic Advancement and Business and shall provide copies of the strategic plan to all members of the Legislature. The Joint Standing Committee on Innovation, Development, Economic Advancement and Business may report out a bill based on the report to the Second Regular Session of the 129th Legislature.
SUMMARY
This bill establishes a process in statute by which the Joint Standing Committee on Innovation, Development, Economic Advancement and Business reviews all legislative measures with potential economic impact. The bill authorizes the committee to report out legislation regarding this provision in the Second Regular Session of the 130th Legislature pursuant to a sunset review. This provision is repealed 90 days following the adjournment of the Second Regular Session of the 130th Legislature.
The bill directs the Department of Economic and Community Development to develop a strategic plan to recommend strategies for increased economic prosperity in the State. The bill establishes goals for the plan and directs the department to include an analysis of gaps in funding and policy in the plan. The bill requires that the department establish a steering committee and a work team to guide the development of the plan. The bill requires the department to report on the plan to the Joint Standing Committee on Innovation, Development, Economic Advancement and Business and provides the committee permission to report out related legislation in the Second Regular Session of the 129th Legislature.