SP0148, LD 483, item 1, An Act To Improve the Maine Seed Capital Tax Credit Program

An Act To Improve the Maine Seed Capital Tax Credit Program

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 10 MRSA §1100-T, sub-§2, ¶B, as amended by PL 2013, c. 438, §3, is further amended to read:

B. The Maine business must be determined by the authority to be a manufacturer or a value-added natural resource enterprise; must provide a product or service that is sold or rendered, or is projected to be sold or rendered, predominantly outside of the State and must maintain more than 50% of its employees in positions within the State; must be engaged in the development or application of advanced technologies; or must be certified as a visual media production company under Title 5, section 13090-L. The business must certify that the amount of the investment is necessary to allow the business to create or retain jobs in the State.

Sec. 2. 10 MRSA §1100-T, sub-§2, ¶C, as amended by PL 2003, c. 451, Pt. E, §2, is further amended to read:

C. Aggregate investment eligible for tax credits may not be more than $5,000,000 $3,500,000 for any one business as of the date of issuance of a tax credit certificate.

Sec. 3. 10 MRSA §1100-T, sub-§2-C, ¶B, as amended by PL 2013, c. 438, §4, is further amended to read:

B. As used in this subsection, unless the context otherwise indicates, "eligible business" means a business located in the State that has certified that the amount of the investment is necessary to allow the business to create or retain jobs in the State and that, as determined by the authority:

(1) Is a manufacturer or a value-added natural resource enterprise;

(2) Is engaged in the development or application of advanced technologies;

(3) Provides a service that is sold or rendered, or is projected to be sold or rendered, predominantly outside of the State and maintains more than 50% of its employees in positions within the State; or

(5) Is certified as a visual media production company under Title 5, section 13090-L.

Sec. 4. 10 MRSA §1100-T, sub-§2-C, ¶C, as enacted by PL 2011, c. 454, §6, is amended to read:

C. Aggregate investment eligible for tax credit certificates, including investments under this subsection and under subsection 2, may not be more than $5,000,000 $3,500,000 for any one eligible business.

Sec. 5. 10 MRSA §1100-T, sub-§4, as amended by PL 2013, c. 438, §5, is further amended to read:

4. Total of credits authorized. The authority may issue tax credit certificates to investors eligible pursuant to subsections 2, 2-A and 2-C in an aggregate amount not to exceed $2,000,000 up to and including calendar year 1996, $3,000,000 up to and including calendar year 1997, $5,500,000 up to and including calendar year 1998, $8,000,000 up to and including calendar year 2001, $11,000,000 up to and including calendar year 2002, $14,000,000 up to and including calendar year 2003, $17,000,000 up to and including calendar year 2004, $20,000,000 up to and including calendar year 2005, $23,000,000 up to and including calendar year 2006, $26,000,000 up to and including calendar year 2007 and $30,000,000 up to and including calendar year 2013, in addition to which, the authority may issue tax credit certificates to investors eligible pursuant to subsections 2, 2-A and 2-C in an annual amount not to exceed $675,000 for investments made between January 1, 2014 and December 31, 2014, $4,000,000 for investments made in calendar year 2015 and , $5,000,000 each year for investments made in calendar years beginning with 2016 to 2019 and $10,000,000 each year for investments made in calendar years beginning with 2020. The authority may provide that investors eligible for a tax credit under this section in a year when there is insufficient credit available are entitled to take the credit when it becomes available subject to limitations established by the authority by rule. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.

summary

This bill increases the total annual aggregate amount of credits that may be issued under the Maine Seed Capital Tax Credit Program from $5,000,000 to $10,000,000, decreases the total aggregate credits that may be authorized for any one business from $5,000,000 to $3,500,000 and requires that eligible businesses that provide a product or service that is sold or rendered predominantly outside the State maintain more than 50% of their employees in positions within the State.

SP0148 LD 483	Session - 129th Maine Legislature		LR 591 Item 1
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