Maine § 36 §5219-HH New markets capital investment credit

Maine Statutes

§ 36 §5219-HH — New markets capital investment credit

Maine·Title 36 TAXATION·Part 8 INCOME TAXES·Ch. 822 TAX CREDITS

1.Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

2.Credit allowed. A person that holds a qualified equity investment certified by the authority pursuant to Title 10, section 1100‑Z, subsection 3, paragraph G on a credit allowance date that falls within the taxable year is allowed a credit equal to the applicable percentage that applies to the credit allowance date multiplied by the purchase price paid for the qualified equity investment. Notwithstanding any other provision of law, other than the recapture provisions of subsection 7, the person, and any subsequent person, that is the holder of the credit certificate issued by the authority for a qualified equity investment is entitled, in the aggregate, to the

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1.
Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
2.
Credit allowed.
A person that holds a qualified equity investment certified by the authority pursuant to Title 10, section 1100‑Z, subsection 3, paragraph G on a credit allowance date that falls within the taxable year is allowed a credit equal to the applicable percentage that applies to the credit allowance date multiplied by the purchase price paid for the qualified equity investment. Notwithstanding any other provision of law, other than the recapture provisions of subsection 7, the person, and any subsequent person, that is the holder of the credit certificate issued by the authority for a qualified equity investment is entitled, in the aggregate, to the entire 39% credit amount computed with respect to the 7 credit allowance dates. In no event may the credit amount in the aggregate exceed 39% for any single qualified equity investment certified by the authority.
3.
Memorandum of agreement.
4.
Carry-over to succeeding year.
Any unused portion of the credit may be carried over to the following taxable year or years, except that the carry-over period for unused credit amounts may not exceed 20 years.
5.
Pass-through entity; allocation of the credit.
Credits allowed pursuant to this section to a partnership, limited liability company, S corporation or other similar pass-through entity must be allocated to the partners, members, shareholders or other owners in accordance with section 5219‑G or pursuant to an executed agreement among the partners, members or shareholders or other owners documenting an alternate allocation method.
6.
Credit refundable.
The credit allowed under this section is refundable.
6-A.
Interest inapplicable.
Notwithstanding any provision of this Title to the contrary, interest does not accrue during any period of delay as the result of the fiscal year credit limit imposed by Title 10, section 1100‑Z, subsection 4 of any payment to a taxpayer pursuant to this section.
7.
Recapture of credits.
The State Tax Assessor may recapture all of the credit allowed under this section if:

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Legislative History

PL 2011, c. 548, §33 (NEW). PL 2011, c. 548, §35 (AFF). PL 2011, c. 657, Pt. P, §1 (AMD). PL 2013, c. 75, §1 (AMD). PL 2013, c. 331, Pt. C, §37 (AMD). PL 2013, c. 331, Pt. C, §41 (AFF). PL 2017, c. 170, Pt. E, §8 (AMD). PL 2017, c. 339, §1 (AMD). PL 2017, c. 375, Pt. G, §2 (AMD). PL 2019, c. 401, Pt. C, §13 (AMD). PL 2025, c. 497, §§6-10 (AMD).