Maine State Senate President Kevin Raye (R-Perry) and Senator Doug Thomas (R-Ripley) recently succeeded in passing an amendment to the state’s FY 2013 budget which increases the individual tax credit cap for the state’s New Markets Capital Investment Program (NMCIP) program from $10 million to $40 million. The move comes in an effort to encourage private sector investment and job creation in rural areas of Maine that have not received as much economic investment as other areas. Maine’s NMCIP program mirrors the federal New Markets Tax Credit (NMTC) program closely, but is administered by the Finance Authority of Maine and allows Community Development Entities (CDEs) to apply for and receive tax credits on a first-come, first-served basis, provided they meet the federal NMTC program criteria. The state budget and the NMCIP amendment was signed by Maine’s Governor LePage on May 16, 2012.
Click here to read the amendments to Maine’s FY 2013 budget.
