LD1217

This bill modifies the Maine New Markets Capital Investment Program to include impact qualified equity investments and establishes a new tax credit.

This bill amends the Maine New Markets Capital Investment Program to integrate impact qualified equity investments into the existing provisions governing the eligibility for an allocation of tax credits. It defines "impact qualified equity investment" as a qualified equity investment if the cash purchase price is used to make an investment in a qualified active low-income community business. The bill requires the Finance Authority of Maine to certify $30,000,000 in impact qualified equity investments, with 50% reserved for diverse Maine funds.