Promote Major Business Headquarters Expansions in Maine

Last updated: Apr 15, 2018

Details about this bill
Category: General Business
Status: Passed
Sponsor: Senator Troy Jackson, Senate 35 - York County
Session: 128
Bill #: LD 1639

Position:

Monitoring.

UPDATE: This bill has been placed on the Special Appropriations Table.

UPDATE: This bill has an Ought to Pass as Amended Report attached.

Summary:

This bill creates a refundable Maine income tax credit for the construction or expansion of major business headquarters in the State as long as certain investment and employment levels are met. The refundable so-called headquarters credit is equal to 2% of the qualified investment per year for 20 years, subject to certain limitations.

The bill also allows a taxpayer receiving the headquarters credit to elect to have any unused credit carry-forward for the research expense tax credit, super credit for substantial expansions of research and development, jobs and investment tax credit and Maine capital investment credit be made refundable for any tax year to the extent of the headquarters credit.