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Maine passes $25M research and development bond

Staff, Piscataquis Observer •November 7, 2024

By Michael Shepherd, Bangor Daily News Staff

A $25 million research and development bond proposal passed in Maine’s Tuesday election.

The yes side of Question 2 had 54.6 percent of votes to 45.4 for the no side when the Bangor Daily News and its national partner, Decision Desk HQ, called the race at 1:16 p.m. Wednesday.

The measure that was approved by the Legislature before going to voters will fund competitive grants limited to companies in emerging economic sectors, including sciences, advanced forestry and agriculture, aquaculture, and the precision manufacturing industry. The awards would have to be matched by private or federal money.

It is the first research and development bond passed in Maine since 2017. The $45 million bond passed that year generated more than 5,300 jobs and $1.4 billion in economic output, according to an analysis for the Maine Technology Institute, which will administer the new funds.

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