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LD 629

An Act To Restore Matching Funding To The Maine Development Foundation

132nd Legislature (2025-2026) Introduced by Rick Bennett and 9 co-sponsors

LD 629: An Act To Restore Matching Funding To The Maine Development Foundation SummaryThis bill, LD 629, seeks to restore matching funding for the Maine Development Foundation, an

Died in Possession of the Senate when the Legislature adjourned Sine Die and was PLACED IN THE LEGISLATIVE FILES. (DEAD)
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Bill Summary · LD 629

LD 629: An Act To Restore Matching Funding To The Maine Development Foundation

Summary

This bill, LD 629, seeks to restore matching funding for the Maine Development Foundation, an organization that plays a key role in supporting economic development initiatives across the state.

Purpose and Intent

The main purpose of this bill is to reinstate state funding that provides a dollar-for-dollar match for private contributions to the Maine Development Foundation. This matching funding mechanism had previously existed but was eliminated in recent budget cuts. The bill's sponsors argue that restoring this state funding will help the Maine Development Foundation leverage more private investment and continue its important work in promoting economic growth and community development throughout Maine.

Key Provisions

  • Requires the state to provide matching funds, up to $500,000 per year, for private donations and contributions received by the Maine Development Foundation
  • Specifies that the matching funds must be used by the Maine Development Foundation to support its core operations and programs
  • Allows the matching funds to be appropriated from the state's General Fund or other available state resources

Affected Parties

  • The Maine Development Foundation, which would receive the restored state matching funds to bolster its budget and programming
  • Businesses, organizations, and individuals who provide private donations to the Maine Development Foundation, as their contributions would be effectively doubled through the state match
  • Communities and regions across Maine that benefit from the Maine Development Foundation's economic and community development initiatives and expertise

Procedural and Timeline Details

  • This bill was introduced on February 20, 2025 in the Maine Legislature
  • It has been "carried over" to the next legislative session, meaning it will be considered further in a future regular or special session of the 132nd Maine Legislature
  • No specific timeline has been set for when the bill may be taken up again or voted on by the Legislature

Compiled from official sources — confirm details with the bill’s official record.

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