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Taxation committee tables Seed Capital Tax Credit program

4/8/2021

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On Wednesday, April 7, the Joint Standing Committee on Taxation tabled LD 229, An Act to Increase Investment Caps in the Maine Seed Capital Tax Credit Program. There are projects that will bring potential jobs and investment waiting for the outcome on this bill.
Maine’s seed capital tax credit program provides a powerful economic development tool for the state by encouraging equity and near-equity investments in Maine businesses directly and through private venture capital funds. In particular, the program supports Maine small businesses, entrepreneurships, and startup companies – something on which Maine prides itself. Investments may be used for fixed assets, research or working capital. The program encourages investors to commit capital to Maine companies that might otherwise be invested outside the state. These investments occur in some of Maine’s most exciting economic sectors such as manufacturing, advanced technologies, value-added resource enterprises, or visual media production companies.

Through the years, there has clearly been ongoing legislative support for this program. Last winter, the Maine Legislature and Governor Janet Mills approved via Public Law 2020, Chapter 616 (the supplemental budget), increased funding for the program, increasing the annual program limits from $5 million per year to $15 million per year. Raising the investment cap and expanding the annual program limits to $15 million was a key recommendation (Action Item C2) of the state’s 10-year economic development plan to promote innovation here.

The plan notes that this would likely help about 40 start-ups and create 2,300 new jobs. Each year, according to FAME, this program is responsible for the creation of up to 229 jobs with payroll of over $27.8 million and retains more than 530 jobs. Increasing the annual cap from $2 million to $3 million and the aggregate cap on eligible investment in one eligible business from $3.5 million to $6 million will only further the goal of growing Maine’s economy.

The committee’s next work session has not yet been scheduled. If you have any questions, contact Linda Caprara, by calling (207) 458-2133 or by emailing lcaprara@mainechamber.org.
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 128 State Street | Suite 101 | Augusta, ME 04330-5630
 Phone: (207) 623-4568
For media inquiries, please contact Jen Webber, (207) 939-0213
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  • About Us
    • Connect with Us
    • Affiliates & Partners
    • Our Board
    • Meet the Team
    • President's Message
    • External Social Media Policy
  • Membership
    • Benefits of Membership
    • Join the Chamber
    • Return on Investment
    • Member Search
  • Public Policy
    • Public Hearings of Interest
    • Legislation of Interest
    • Public Policy Committees
    • Grassroot Resources
    • Find Your Legislator >
      • Representatives
      • Senators
  • Events
    • Calendar of Events
    • 2022 Annual Meeting
    • Sponsorship Opportunities
    • Business Day at the Statehouse
    • Board Meetings & Board Events
    • DC Fly-In
    • Legislative Social
    • Policy Issues Workshops
    • Regional Breakfasts
    • Scramble for Scholars
    • Webinars by The Maine State Chamber of Commerce
  • Initiatives
    • Campus Career Connect
    • Dream It. Do It.
    • Education Foundation
    • Keep Maine Competitive
    • Maine Economic Research Institute (MERI)
    • This is ME Counting on You
    • Senior Leaders of Tomorrow Development Program
  • Newsroom
    • COVID-19 Resources
    • Impact Newsletter
    • MSCC Blog
    • The Bottom Line
    • The Maine Take
    • Making Maine Work
    • MERI Roll Call
    • OneVoice Maine Magazine
    • Policy Brief Series with Educate Maine
    • Press Kit
  • Member Login