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: | 2023 |
| Program name: | New Markets Capital Investment Tax Credit |
| Program purpose: | Capital investment |
| Statutory authority: | 36 M.R.S. §§2533 and 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: | $3,394,030 |
| Reimbursement / offset: | $0 |
| Net revenue loss: | $3,394,030 |
| Type of loss: | Active |
| Additional notes on dislosure: | (none) |
| Document source: | https://www.maine.gov/osc/sites/maine.gov.osc/files/inline-files/acfr202... |
