House, Senate revive seed capital tax credit program
It came down to the wire, but on Thursday both the House and Senate voted to save the Maine Seed Capital Tax Credit program, which had expired after reaching its lifetime cap of $30 million in tax credit in January.
As recently as last week, LD 743 was languishing on the state's special appropriation table, where bills often die for lack of funding.
The Bangor Daily News reported the bill's fiscal note had been reduced from $1.8 million to only $145,000 in the two-year budget adopted during this session. To reduce the fiscal note, the bill provides no credit in 2013, then raises the cap over the next few years: to $675,000 in 2014, $4 million in 2015 and $5 million in 2016, the newspaper reported.
Thursday's enactment sends the bill to Gov. Paul LePage for his signature. His press secretary in the past has indicated the governor is supportive of the program. An analysis by Tim Agnew, a principal with Masthead Venture Partners in Portland, found that from 2004 to 2011, the program issued $17.4 million in seed capital tax credits.
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