An Act To Improve Maine's Economic Development Incentives
Maine Legislature, Session 130, LD 0950
Committee: Taxation
Sponsors: BENNETT, CYRWAY, BAILEY
Amends: 10 MRSA §1100-T

Legislative Document
No. 950
S.P. 302
In Senate, March 9, 2021
An Act To Improve Maine's Economic Development Incentives
Reference to the Committee on Taxation suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator BENNETT of Oxford.
Cosponsored by Senator: CYRWAY of Kennebec, Representative: BAILEY of Gorham.
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  10 MRSA §1100-T, sub-§4, as amended by PL 2019, c. 616, Pt. LL, §9, is 
further amended to read:
4.  Total of credits authorized.  The authority may issue tax credit certificates to 
investors eligible pursuant to subsections 2, 2-A and 2-C in an aggregate amount not to 
exceed $2,000,000 up to and including calendar year 1996, $3,000,000 up to and including 
calendar year 1997, $5,500,000 up to and including calendar year 1998, $8,000,000 up to 
and including calendar year 2001, $11,000,000 up to and including calendar year 2002, 
$14,000,000 up to and including calendar year 2003, $17,000,000 up to and including 
calendar year 2004, $20,000,000 up to and including calendar year 2005, $23,000,000 up 
to and including calendar year 2006, $26,000,000 up to and including calendar year 2007 
and $30,000,000 up to and including calendar year 2013, in addition to which, the authority 
may issue tax credit certificates to investors eligible pursuant to subsections 2, 2-A and 2‑C 
in an annual amount not to exceed $675,000 for investments made between January 1, 2014 
and December 31, 2014, $4,000,000 for investments made in calendar year 2015, 
$5,000,000 for investments made in calendar years 2016 to 2019, $15,000,000 for 
investments made in calendar years 2020 to 2026 and $5,000,000 each year for investments 
made in calendar years beginning with 2027.  For investments made in calendar years 
beginning with 2021, the authority may not issue a tax credit certificate to investors eligible 
pursuant to subsection 2-C until after certificates have been issued for investors eligible 
pursuant to subsections 2 and 2-A and may issue a certificate pursuant to subsection 2-C 
only if the limit established in this subsection will not be exceeded.  The authority may 
provide that investors eligible for a tax credit under this section in a year when there is 
insufficient credit available are entitled to take the credit when it becomes available subject 
to limitations established by the authority by rule.  Rules adopted pursuant to this 
subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.
Sec. 2.  Appropriations and allocations.  The following appropriations and 
allocations are made.
LABOR, DEPARTMENT OF
Governor's Jobs Initiative Program N350
Initiative: Provides ongoing funds to be used as matching funds for worker training or 
retraining in manufacturing businesses in the State.
GENERAL FUND
2021-22
2022-23
All Other
$500,000
$500,000
__________
__________
GENERAL FUND TOTAL
$500,000
$500,000
SUMMARY
This bill provides that the Finance Authority of Maine may not issue a certificate of 
eligibility for a refundable seed capital tax credit to a private venture capital fund until after 
certificates have been issued for nonrefundable credits and only if the annual limit on 
certificates will not be exceeded.  The bill also provides ongoing appropriations of 
$500,000 annually to the Governor's Jobs Initiative Program to be used as matching funds 
for worker training or retraining in manufacturing industries.