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.
State or Territory: | Maine |
Effected Jurisdiction: | Maine |
Jurisdiction type: | State or Territory |
Fiscal year ending In: | 2020 |
Program name: | New Markets Capital Investment Tax Credit |
Program purpose: | Capital investment |
Statutory authority: | 36 Maine Revised Statutes s. 5219-HH |
Abating jurisdiction(s): | State of Maine |
Applicable taxes: | Personal Income Tax; Corporate Income Tax; Insurance Premium 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: | $13,396,078 |
Reimbursement / offset: | $0 |
Net revenue loss: | $13,396,078 |
Type of loss: | Active |
Additional notes on dislosure: | (none) |
Document source: | https://www.maine.gov/osc/financial-reporting/annual-comprehensive-finan... |