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Taxation committee votes to pass Employment Tax Increment Financing legislation

3/11/2022

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The Joint Standing Committee on Taxation held a work session on Thursday, March 10. The committee unanimously voted “ought-to-pass as amended” on LD 1156, An Act to Reduce Errors in Employment Tax Increment Financing, sponsored by Rep. Amy Arata (R-New Gloucester). The bill, as originally drafted, attempts to simplify the way benefits under the Employment Tax Increment Financing (ETIF) program are calculated. The bill would base the benefits on gross wages of qualified employees rather than on income tax withholding for those employees.
The amendment clarifies the definition of “gross wages” and makes it consistent with the definition used by the Maine Department of Economic and Community Development (DECD). The amendment also drops the language that gives the Maine DECD and the Maine Revenue Services authority to submit legislation next year. It also changes the percentage of the benefit base, which is the total amount of gross wages paid during calendar year by a qualified business to qualified employees, from 4.2% to 4.5%.
 
The Maine State Chamber will continue to monitor this bill. If you have any questions, please contact Linda Caprara, senior government relations specialist, by calling (207) 623-4568, ext. 106, or by emailing lcaprara@mainechamber.org.
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Copyright Maine State Chamber of Commerce. All rights reserved.
 128 State Street | Suite 101 | Augusta, ME 04330-5630
 Phone: (207) 623-4568
For media inquiries, please contact Jen Webber, (207) 939-0213
For membership inquiries, please contact Mark Ellis. (207) 623-4568
  • 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