20 This bill, to encourage participation in the trades, does the following.
1. It establishes the Loans for Trade Tools Program, which is a program administered by the Finance Authority of Maine to provide low-interest loans to graduates of a trade program for the purchase of tools and equipment necessary for employment in a trade. Loans are limited to $20,000 and must be repaid within 10 years. If an employee maintains full-time employment, meaning at least 32 hours per week, in the trade, that employee's loan may be forgiven.
2. It establishes a tax credit for employers of employees engaged in a trade for the purchase of tools or equipment needed by that employee within the first year of employment with that employer. The credit is limited to 25% of the amount of the cost of the trade tools and $5,000 per employee, is nonrefundable and may not be carried forward from year to year.
3. It provides an appropriation of $1,000,000 for each year of the 2026-2027 biennium to the Finance Authority of Maine for the Loans for Trade Tools Program.