ASHLAND, Maine (News release) -- Irving Forest Products will modernize and expand its Ashland sawmill in Nashville Plantation, doubling annual lumber production capacity from 130 million to 250 million board feet and increasing employment from the equivalent of 140 full-time positions to approximately 220. The Maine New Markets Capital Investment Program is administered by the Finance Authority of Maine (FAME) in cooperation with Maine Revenue Services.

The board approved issuance of state new markets tax credit certificates tied to five Community Development Entity investments totaling approximately $42 million through the Maine New Markets Capital Investment Program. The investments include CCM Community Development 90 LLC, $5.0 million; MHIC NE CDE II Subsidiary 80 LLC, $10.4 million; 15 ENRV 2008 LLC, $6.2 million; Stonehenge Community Development 181, LLC, $10.4 million; and CCG Sub-CDE 84, LLC, $10.4 million. The approval makes up to $16,541,850 in state tax credits available for the project.

A new round of funding was authorized by the First Session of the 132nd Maine Legislature via Public Law 2025, ch. 497. The program allows allocation of up to $250 million of qualified equity investments to eligible CDEs, caps credits at $20 million in any given year over the seven-year tax credit allowance dates, and allows eligible investors to claim tax credits against state taxes up to 39% of a project's total cost.