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Senate unanimously supports improved access to capital for Maine businesses

6/27/2013

1 Comment

 
Maine Seed Capital Tax Credit Program strengthened to encourage Maine investment

AUGUSTA—Today, the Senate enacted a measure to provide funding to help Maine businesses secure financing by extending and improving the successful Maine Seed Capital Tax Credit Program.

“We know this program helps Maine businesses,” said Senator Linda Valentino of Saco, the sponsor of the bill. “Expanding the program will help small businesses grow, and hire more Maine workers.”

The Maine Seed Capital Tax Credit Program provides tax credits to private equity investors who invest in eligible Maine businesses. In the past year, $4.67 million was invested in a dozen Maine companies. Since the creation of the program, 128 Maine companies have received capital.

Senator Valentino’s measure provides additional funding for the program, which for every $1 spent will yield $8 of investment.

“This is a proven, highly effective program that continues to generate new revenue and sustain job growth in Maine,” said Senator Anne Haskell of Portland, the chair of the Taxation Committee. “We need to keep these investment dollars in Maine.”

Access to venture capital has historically been difficult for Maine entrepreneurs. Maine lags far behind other New England states and the nation in average annual venture capital investment per capita, with only one-third the average annual investment per capita of Vermont and about one-ninth the annual investment in neighboring New Hampshire.

The bill, LD 743, “An Act To Extend and Improve the Maine Seed Capital Tax Credit Program,” will now be sent to the governor to become law.

Click to learn more about the Seed Capital Program
1 Comment
Mackenzie Andersen link
10/28/2013 12:12:31 am

This was passed with no media coverage of what the so-called improvements actually are. Even when the Chief Executive of Fame testified before the congressional committee that increasing the limit for the tax credit by eight fold was going too far and suggested only doubling it- this was not reported by the media.

This tax credit should be seen in the context of the states full toolbox of "economic development instrumentalities of the state" to realize the full degree to which this is an aggressively escalated transfer of public wealth into the bank accounts of private corporations and capitalists- or in other words - the new owners of the means of production.

Every member of the Senate voted for this bill - a betrayal of public's trust! Instead of representing the interests of the people, our legislature is representing the interests of private capitalists. There was no one at this table representing the interests of the people of Maine,

For this betrayal of the public trust, the entire Senate needs to be booted out and replaced with those that will work in the interests of those that elect them.

Since I could not find a qualified report on what is actually called an "improvement" by the so-called representatives of the people, anywhere in our media. I wrote in detail about the content of this bill on my blog which researches Maine economic development legislation over the past forty years.

http://americanpoliticalphilosophy.blogspot.com/2013/08/improved-seed-capital-tax-credit-ramps.html

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