An Act To Increase Allowed Investments under the Maine New Markets Capital Investment Program
Maine Legislature, Session 127, LD 0297
Committee Amendment CA_B_S295 (Senate)
Amends: 10 MRSA §1100-Z, 36 MRSA §5219-H

COMMITTEE AMENDMENT" 0" to S.P. 112, L.D. 297, Bill, "An Act To 
Increase Allowed Investments under the Maine New Markets Capital Investment 
Program" 
Amend the bill by striking out all of section 2 and inserting the following: 
'Sec. 2. 10 MRSA §1100-Z, sub-§3, ~ is enacted to read: 
I. A qualified conununity development entity may not collect more than half of its 
fees for services under this program prior to the last credit allowance date. 
Sec. 3. 
MRSA §1100-Z, sub-§4, as amended by PL 2011, c. 548, §5, is 
repealed and the following enacted in its place: 
4. Limit on amount of tax credits authorized. The maximum aggregate amount of 
qualified equity investments for which the authority may issue tax credit authority under 
this section is: 
A. Until December 31, 2015, $250,000,000; 
B. From January 1, 2016 to December 31, 2016, $300,000,000; 
C. From January 1, 2017 to December 31,2017, $350,000,000; 
D. From January 1, 2018 to December 31,2018, $400,000,000; 
E. From January 1, 2019 to December 31, 2019, $450,000,000; and 
F. On and after January 1,2020, $500,000,000. 
A tax credit claim may not exceed $40,000,000 in anyone state fiscal year over the 7 
years of the tax credit allowance dates as described in Title 36, section 5219-HH, 
subsection 1, paragraph A. 
Sec. 4. 36 MRSA §5219-HH, sub-§1, ~J, as amended by PL 2013, c. 75, §1, is 
further amended to read: 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT" 0 .. to S.P. 112, L.D. 297 
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"Qualified low-income community investment" means any capital or equity 
investment in, or loan to, any qualified active low-income community business made 
after September 28, 2011, as long as no more than 5% of such investment is used to 
refinance costs, expenses or investments incurred or paid by the qualified active low-
income community business, or a related party, prior to the date of the qualified low-
income community investment; make equity distributions from the qualified active 
low-income community business to its owners; or acquire an existing Maine business 
or enterprise. Except as otherwise provided in this paragraph, with respect to anyone 
qualified active low-income community business, the maximum amount of qualified 
low-income community investments that may be made with the proceeds of qualified 
equity investments that have been certified under Title 10, section 11 OO-Z, subsection 
3, paragraph G is $10,000,000 per project constructed, maintained or operated by the 
qualified active low-income community business whether made by one or several 
qualified community development entities. With respect to investments in a qualified 
active low-income community business that is a manufacturing or value-added 
production enterprise, the limit on the qualified low-income community investment is 
$40,000,000 per project constructed, maintained or operated by the qualified active 
low-income community business. For the purposes of this paragraph, with respect to 
projects to which the $10,000,000 limitation applies, "project" includes all land, 
buildings, structures, machinery and equipment located at the same location and 
constructed, maintained or operated by the qualified active low-income community 
business. For the purposes of this paragraph, with respect to projects to which the 
$40,000,000 limitation applies, "project" means, and refers separately to, each 
manufacturing or value-added production facility that projects to create or retain 
more than 200 jobs, including the land, buildings, structures, machinery and 
equipment functionally related to, and integrated with, the manufacturing or 
production process conducted on the site of that facility. "Project" does not mean or 
include the component pieces of an integrated manufacturing or production process 
conducted on the site of a particular facility. 
Sec. 5. Application. That section of this Act that amends the Maine Revised 
Statutes, Title 36, section 5219-HH, subsection 1, paragraph J applies only to applications 
received after the effective date of this Act by the Finance Authority of Maine for the 
Maine New Markets Capital Investment Program, pursuant to Title 10, section 1100-Z, 
for certification of a qualified equity investment pursuant to Title 10, section 1100-Z, 
subsection 3, paragraph G.' 
SUMMARY 
This amendment is the minority report of the committee. The amendment does the 
following. 
1. It prohibits a qualified community development entity from collecting more than 
half of its fees for services under the Maine New Markets Capital Investment Program 
under the Maine Revised Statutes, Title 10, section 1100-Z prior to the last credit 
allowance date. 
COMMITTEE AMENDMENT 
COMMITTEE AMENDMENT" ~"to S.P. 112, L.D. 297 
2. It increases the aggregate amount of qualified equity investments for which tax 
credit authority may be issued from $250,000,000 to $500,000,000, phased in at an 
additional $50,000,000 per year over 5 years. 
3. It increases the maximum amount for an annual tax credit claim from $20,000,000 
to $40,000,000. 
4. 
It eliminates the eligibility of celiain refinancing and ownership transfer 
transactions as qualified low-income community investments for the new markets capital 
investment credit if those transactions exceed 5% of the investment. 
5. 
It provides that the changes made to the definition of "qualified low-income 
community investment" apply to applications made to the Finance Authority of Maine 
after the effective date of this legislation. 
FISCALlVOTr: .",VIRED 
(See a !lucbed) 
OJ 
COMMITTEE AMENDMENT 
Approved: 06/08/15 
;:Wac 
LD 297 
LR 1423(03) 
An Act To Increase Allowed Investments under the Maine New Markets Capital Investment Program 
Fiscal Note for Bill as Amended by Committee Amendment "[3' (S-c2 c15 ) 
Committee: Labor, Commerce, Research and Economic Development 
Net Cost (Savings) 
General Fund 
Revenue 
General Fund 
Other Special Revenue Funds 
Fiscal Detail and Notes 
Fiscal Note Required: Yes 
Fiscal Note 
FY 2015-16 
$0 
$0 
$0 
FY 2016-17 
$0 
$0 
$0 
Projections 
FY 2017-18 
$0 
$0 
$0 
Projections 
FY 2018-19 
$2,090,000 
($2,090,000) 
($110,000) 
The changes made in this legislation to the Maine New Markets Capital Investment Program would decrease General 
Fund revenue by $2,090,000 in fiscal year 2018-19 and Local Government Fund revenue by $110,000 in fiscal year 
2018-19. The remaining revenue reduction of$95,300,000 would occur over a multi-year period after fiscal year 
2018-19. 
Additional costs to the Finance Authority of Maine to implement the requirements of this legislation can be absorbed 
within existing budgeted resources. 
LR1423(03) - Fiscal Note - Page 1 of I