Seed capital bill to become law unsigned
A bill to restore Maine’s seed capital tax credit program, which provides a hedge against investment in Maine-based startup companies, will go into law without the signature of Gov. Paul LePage.
The Bangor Daily News reported the governor decided not to sign the bill, meaning it will take effect three days after the Legislature reconvenes in January. That’s not expected to change the timeline for the bill, which provides no tax 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 and each year after.
The program allows people who invest no more than $500,000 in a Maine business with less than $3 million in gross sales to get a tax credit equal to 60% of the investment.
Supporters of the program say that since 2003, with a lifetime cap of $30 million, the tax credit has supported the creation of 1,800 jobs in the state and helped retain another 5,000.
The venture capital group Maine Angels also partially credits the program with driving its investment numbers to a record high in 2012.
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