Tax credit program reform unlikely, for now
State legislators are unlikely to act this session on a bill that would prevent out-of-state investors from using one-day loans to inflate the value of their business investments for the Maine New Markets Capital Investment program.
The Portland Press Herald reported that L.D. 297 was sent to the Legislature's Taxation Committee last week, meaning that any action on the bill isn’t likely until the next legislative session, which starts in January of next year. The bill was proposed after a Maine Sunday Telegram investigation revealed the extent to which out-of-state investors were using one-day loans for business investments in Maine, some of which have failed.
Sen. Nate Libby, D-Lewiston, said he decided to send the bill back to committee because it had been politicized by “various interests” that saw it as a way “to rail against alleged scam artists, to vent their frustration against the 1 percent and corporate welfare fraud, and to use the issue as an opportunity to gain political advantage over members of the other political party.”
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