AUGUSTA – A plan to stabilize Maine’s Business Equipment Tax Reimbursement program is emerging this week in the state Legislature.

House Speaker John Richardson said Monday a newly drafted bill would provide 100 percent reimbursements for machinery already covered under the so-called BETR program, and 50 percent reimbursements for machinery to become covered in the future.

The bill, which now faces a public hearing, also would allow flexibility to increase reimbursements in communities hit hardest by the 50 percent reimbursement figure, said Richardson, D-Brunswick.

BETR is a state program that reimburses companies for the local taxes they pay on new equipment.

Richardson said the bill brings predictability and stability to the BETR program, something he said businesses considering making investments in the state want. Without a clear idea of what their tax obligations will be, businesses are less willing to make long-term investments, he said.

Businesses listed as a top priority for this year’s session a phase-out of a tax that towns and cities levy on new business equipment investments.

To help balance the budget last year, lawmakers lowered for one year state reimbursements in the BETR program from 100 percent to 90 percent.