Revival of seed tax credit program in jeopardy
A bill to restart the Maine Seed Capital Tax Credit program rests now at the state's special appropriation table, where lawmakers will decide if the investment-encouraging program will continue.
The Bangor Daily News reported Tim Agnew, a principal at Masthead Venture Partners in Portland, told the paper that the bill's placement at the special appropriation table is not a good sign for continuation of the program, which supporters say has encouraged investment in Maine companies.
The program hit its $30 million cap earlier this year. It allowed state income tax credits of up to 60% of their cash equity to eligible Maine businesses, spread over four years.
Agnew told the BDN that if the program is not restarted, he estimates investment in early stage Maine companies could fall between 50% to 75%.
Right now, nearly 85 bills remain at the special appropriation table and will compete for just over $1 million.
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