An Act to Reauthorize Mame's New Markets Tax Credit Program
Maine Legislature, Session 131, LD 1974
Committee Amendment CA_A_S568 (Senate)

COMMITTEE AMENDMENT "ft » to S.P. 808, L.D. 1974, "An Act to Reauthorize
Mame's New Markets Tax Credit Program"
Amend the bill by striking out the title and substituting the following:
'Resolve, Directing an Analysis of and Report on the Maine New IMarkets Capital
Investment Program'
Amend the bill by striking out everything after the title and inserting the following;
'See. 1. Finance Authority of Maine to examine and report findings on
Maine New Markets Capital Investment Program. Resolved: That the Finance
Authority of Maine, in conjunction with the Department of Economic and Community
Development, shall examine and evaluate the Maine New Markets Capital Investment
Program under the Maine Revised Statites, Title 1 0, section 1100-Z and submit a report of
its findmgs and any recommended legislation to the joint standing committee of the
Legislature having jurisdiction over taxation matters by January 31,2025. The report must
include discussion of recommendations offered by the Office of Program Evaluation and
Government Accountability in its March 2017 report on the program. The Finance
Authority of Maine may consult with the Department of Administrative and Financial
Services, Maine Revenue Services and with other public and private entities with roles in
economic development in the State as necessary. The joint standing committee may submit
legislation relating to the report to the 132nd Legislature in 2025.'
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section
number to read consecutively.
SUMMARY
This amendment replaces the bill with a resolve directing the Finance Authority of
Mame, in conjunction with the Department of Economic and Community Development, to
examine and evaluate the Maine New Markets Capital Investment Program and submit a
report of its findings and any recommended legislation to the joint standing committee of
the Legislature having jurisdiction over taxation matters by January 31, 2025. The
COMMITTEE AMENDMENT
COMMITTEE AMENDMENT "^." to S.P. 808, L.D. 1974 [ S''
,.. -^ 1 authority may consult with the Department of Administrative and Financial Services,
'2 Maine Revenue Services and with other public and private entities with roles in economic
development in the State. The joint standing committee is authorized to submit legislation
relating to the report to the 132nd Legislaftire in 2025.
FISCAL NOTE REQUIRED
(See attached)
Page2-131LR0818(02)
COMMITTEE AMENDMENT
Revised: 02/23/24 .^?ct
LD 1974 LR 818(02)
An Act to Reauthorize Maine's New Markets Tax Credit Program
Fiscal Note for Bill as Amended by Committee Amendment '^TY<^
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
Minor cost increase - General Fund
Fiscal Detail and Notes
Additional costs to the Finance Authority of Maine and the Department of Economic and Community Development
to examine and evaluate the New Markets' Capital Investment program are expected to be minor and can be absorbed
within existing budgeted resources. Any additional costs associated with consulting with the Department of
Administrative and Financial Services, Bureau of Revenue Services in this work are expected to be minor and can be
absorbed within existing budgeted resources.
LR0818(02) - Fiscal Note - Page 1 of 1