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State lawmakers said they're seeking changes to a Maine program that allowed investors to inflate the amount of tax credits they received for a mill investment by using a one-day loan. Scrutiny over the Maine New Markets Capital Investment program was prompted by a Maine Sunday Telegram investigation. The investigation found that the program allowed two out-of-state investors to receive tax credits for an investment that mostly consisted of a one-day loan. It also found that none of that investment was used to improve the Great Northern Paper mill in East Millinocket, as stated in their initial application. A change proposed by the Finance Authority of Maine would bar the use of one-day loans.
Should changes be made to the Maine New Markets Capital Investment program?
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