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.

State: 
Maine
Reporting Jurisdiction: 
Maine
Jurisdiction type
State
Fiscal year ending In: 
2019
Program name: 
New Markets Capital Investment Tax Credit
Program purpose
Capital investment
Statutory authority
36 M.R.S. ?5219-HH
Abating jurisdiction(s)
State of Maine
Applicable taxes: 
Personal 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)