Maine LD1699 proposes a refundable tax credit for agricultural enterprises in Maine.
Maine LD1699 seeks to amend the Maine Seed Capital Tax Credit Program to include agricultural enterprises. The bill allows agricultural enterprises to qualify for tax credits for investments in plant, equipment, research and development, or working capital. The investment must be necessary for job creation or retention in the state. The tax credit is refundable and can be claimed by the investor. The bill also sets limits on the amount of investment eligible for tax credits and the annual limitation on tax credits.
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