§ 10 §1100-Z — Maine New Markets Capital Investment Program

Maine § 10 §1100-Z

• Jurisdiction: Maine
• Title 10: COMMERCE AND TRADE
• Part 2: BUILDING AND DEVELOPMENT
• Ch. 110: FINANCE AUTHORITY OF MAINE

Text

1.
Findings and intent.
The Legislature finds that encouragement of investment in qualified businesses and developments located in economically distressed areas of the State and the creation and preservation of jobs are in the public interest and promote the general welfare of the State. The Legislature further finds that the enactment of incentives as set forth in this subchapter to promote investments is necessary in order to ensure the long-term economic vitality of this State, to preserve numerous opportunities for jobs for the people of the State and to make this State more competitive in the attraction of investment capital and thus to ensure the preservation and betterment of the economy of the State for the benefit of its people. The Legislature further finds that the foregoing benefits to the State and its people far exceed the costs to the State of providing the incentives set forth in this subchapter. The Legislature further finds that the provisions of this subchapter are necessary to accomplish these objectives.
2.
Program.
The Maine New Markets Capital Investment Program, referred to in this section as "the program," is established to encourage new investment in economically distressed areas of the State. For the purposes of this section, unless otherwise defined in this section, all terms have the same meaning as under Title 36, section 5219‑HH and Section 45D of the United States Internal Revenue Code of 1986, as amended.
3.
Application for tax credits; allocation of tax credit authority.
Tax credit authority is allocated under the program as described in this subsection.
4.
Limit on amount of tax credits authorized.
Tax credits issued by the authority are limited as provided in this subsection.
5.
Reporting and disclosure of information.
The authority shall require annual reports of a qualified community development entity granted tax credit allocation authority pursuant to subsection 3. Reports must be shared with the Department of Administrative and Financial Services, Bureau of Revenue Services and the Commissioner of Administrative and Financial Services. Notwithstanding section 975‑A, the authority may disclose any information to the Department of Administrative and Financial Services, Bureau of Revenue Services and the Commissioner of Administrative and Financial Services that it considers necessary for the administration of the program pursuant to this section, Title 36, section 2533 or Title 36, section 5219‑HH.
6.
Report.
The authority shall report no later than January 1, 2030 with respect to program 2 tax credit authority to the joint standing committee of the Legislature having jurisdiction over appropriations and financial affairs and the joint standing committee of the Legislature having jurisdiction over taxation matters on the activities of the program, including, but not limited to, the amount of private investment received and the total number of jobs created or retained.
7.
Rules.
By December 30, 2011, the authority shall adopt rules necessary to implement this section. By December 31, 2025, the authority shall adopt rules necessary to implement this section with respect to program 2 tax credit authority. Rules adopted pursuant to this subsection are routine technical rules under Title 5, chapter 375, subchapter 2‑A.

Legislative History

PL 2011, c. 380, Pt. Q, §1 (NEW). PL 2011, c. 380, Pt. Q, §7 (AFF). PL 2011, c. 548, §§3-6 (AMD). PL 2015, c. 300, Pt. A, §§1, 2 (AMD). PL 2025, c. 497, §§1-5 (AMD).