Bill > LD1217

This bill modifies the New Markets Tax Credit and Maine New Markets Capital Investment Program by establishing two distinct tax credit authority programs with different timelines and requirements. It creates a new category called "Maine fund" for qualified community development entities that have their principal business in the state for at least 60 months, and introduces separate rules for "program 1" (tax credit authority allocated before January 1, 2026) and "program 2" (tax credit authority allocated on or after January 1, 2026). The bill adjusts investment timelines, with program 1 allowing 24 months and program 2 allowing 12 months for entities to issue qualified equity investments or long-term debt securities. It also sets a maximum aggregate amount of $250,000,000 for qualified equity investments in each program, with a tax credit claim limit of $20,000,000 per state fiscal year. Additionally, the bill extends reporting requirements, mandating that the authority provide more detailed information about job creation, employee numbers, payroll, and annual spending by investment recipients. The legislation aims to provide more structured oversight and opportunities for community development investments in Maine, with clear distinctions between earlier and newer tax credit allocation periods.

Budget and Finance

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1217&snum=132