October 11, 2007
CEI gets $120M for tax credit program
Coastal Enterprises Inc., of Wiscasset, recently received $120 million from a federal program that will help it attract capital investment and economic development to rural communities in New England, the Department of the Treasury announced Wednesday.
CEI's latest award brings its total New Markets Tax Credit allocation to $369 million. In Maine, $100 million of CEI's allocation has already stimulated a total of $400 million in investment in eight projects, according to a press release.
For example, the five-year-old nonprofit financial institution has invested in forest land managed by Katahdin Forest Management, a contribution that helped reopen two closed paper mills in Millinocket and reactivate 600 jobs. CEI also used a tax credit allocation to help finance the construction of the Gulf of Maine Research Institute in Portland.
CEI's latest award brings its total New Markets Tax Credit allocation to $369 million. In Maine, $100 million of CEI's allocation has already stimulated a total of $400 million in investment in eight projects, according to a press release.
For example, the five-year-old nonprofit financial institution has invested in forest land managed by Katahdin Forest Management, a contribution that helped reopen two closed paper mills in Millinocket and reactivate 600 jobs. CEI also used a tax credit allocation to help finance the construction of the Gulf of Maine Research Institute in Portland.
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