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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionMaine
Jurisdiction type: State
Fiscal year ending In2019
Program nameNew Markets Capital Investment Tax Credit
Program purpose: Capital investment
Statutory authority: 36 M.R.S. §5219-HH
Abating jurisdiction(s): State of Maine
Applicable taxesPersonal Income Tax; Corporate Income Tax; Insurance Premiums Tax; Bank Franchise Tax
Method of abatement: Tax Credit
Provisions for recapture: The abatement amount may be recaptured upon 1) recapture of any amount of the related federal NMTC credits; 2) early repayment of any portion of the principle amount that forms the qualified equity investment, or 3) failure to reinvest less than 85% of the qualified equity investment into a qualified business.
Gross revenue loss: $15,543,152
Reimbursement / offset: $0
Net revenue loss: $15,543,152
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.maine.gov/osc/financial-reporting/annual-comprehensive-finan...