CEI vying for $100M in tax credit allotments
The fiscal cliff deal signed in Washington could give a boost to rural development in Maine.
CEI Capital Management, which allocates federal tax credits as part of the New Market Tax Credits program, has applied to manage $100 million in tax credit allocations for the program that was extended by the fiscal cliff deal reached early this week.
Though the Maine-based firm distributes tax credits across the country, Charlie Spies, CEI Capital Management's chief executive, told Mainebiz that CEI expects to allocate around one-third of its tax credits in Maine if it wins the $100 million it has requested.
Spies says the U.S. Department of the Treasury will announce final award recipients in April; the program has $3.5 billion in tax credits available nationally. But Spies says this year's batch of applications provides stiff competition.
"There's no guarantee we'll get anything, but historically we've been successful," Spies says. "So, we're cautiously optimistic."
Spies says that the federal program received around $27 billion in applications for the $3.5 billion available.
CEI has received tax credit allocations for eight of nine years of applications, Spies says, and in that time has invested in 18 projects across the state. It estimates that around 1,770 jobs were preserved or created through those projects.
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