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Earlier this summer, the Berkeley, Calif.-based nonprofit American Jobs Project released a 57-page report that included 15 recommendations its authors said would enable Maine to fully capitalize on offshore wind's job growth opportunities. They also noted many of those recommendations would benefit other businesses and sectors as well. For example, the report recommends that the state eliminate the annual $5 million limit on tax credits allowed under the Maine Seed Capital Tax Credit program, which is designed to encourage equity investments in capital-intensive industries, directly and through private venture capital funds. The report notes that most years the limit is reached well before the end of the year, causing potential investors to hold off in hopes of tapping the program’s available tax credits the following year. “This delay can ultimately depress the business environment in Maine, leading to decreased startup activity,” the report stated.
Should Maine lawmakers lift the annual $5 million cap in the Maine Seed Capital Tax Credit program when the new Legislature convenes in January 2019?
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