Amend the Maine Seed Capital Tax Credit Program

Last updated: Jun 10, 2019

Details about this bill
Category: General Business
Status: Appropriations Table
Sponsor: Senator Matt Pouliot, Senate 15 - Kennebec County
Session: 129
Bill #: LD 1200

Position:

Monitoring.

Summary:

This bill amends the Maine Seed Capital Tax Credit Program by:

1. Reducing from 50% to 40% the maximum credit available to individual investors and private venture capital funds for investments made after April 1, 2019;

2. Requiring that eligible exporting businesses retain in Maine a majority of their employees;

3. Reducing from $5,000,000 to $3,500,000 the total aggregate investment eligible for tax credits for any one business;

4. Limiting to $2,000,000 the total aggregate investment eligible for any one business in any calendar year; and

5. Increasing from $5,000,000 to $15,000,000 the overall annual limit on total authorized credits.