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130th MAINE LEGISLATURE |
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LD 229 |
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LR 435(01) |
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An Act To
Increase Investment Caps in the Maine Seed Capital Tax Credit Program |
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Preliminary
Fiscal Impact Statement for Original Bill |
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Sponsor: Sen. Farrin of Somerset |
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Committee: Taxation |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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| Potential reduction in number of businesses that receive tax
credit - Maine Seed Capital Tax Credit Program |
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| Fiscal Detail
and Notes |
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Increasing the
annual cap on the amount of investments eligible for tax credits under the
Maine Seed Capital Tax Credit Program administered by the Finance Authority
of Maine (FAME) from $2.0 million to $3.0 million for any one business in any
calendar year and the aggregate cap any one business may be eligible for
under the program from $3.5 million to $6.0 million may result in fewer
eligible businesses receiving tax credits than would have received them
absent this legislation. Under current
law the total tax credits for the Maine Seed Capital Tax Credit Program that
FAME may issue is $15.0 million for calendar year 2020 through calendar year
2026 and is reduced to $5.0 million annually beginning in calendar year 2027. |
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