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An Act To Increase Allowed Investments under the Maine New Markets Capital Investment Program
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA §1100-Z, sub-§3, ¶H, as enacted by PL 2011, c. 380, Pt. Q, §1 and affected by §7, is amended to read:
 
H. On the date designated by the authority, the authority shall begin accepting applications for the full $250,000,000amount of qualified equity investments under subsection 4. An applicant may not be awarded more than 25% of the total tax credit authority available.
Sec. 2. 10 MRSA §1100-Z, sub-§4, as amended by PL 2011, c. 548, §5, is further amended to read:
 
4. Limit on amount of tax credits authorized.   The maximum aggregate amount of qualified equity investments for which the authority may issue tax credit authority under this section is $250,000,000$500,000,000; a tax credit claim may not exceed $20,000,000 in any one state fiscal year over the 7 years of the tax credit allowance dates as described in Title 36, section 5219-HH, subsection 1, paragraph A.
 
SUMMARY
This bill increases the maximum aggregate amount of qualified equity investments for which the Finance Authority of Maine may issue tax credit authority under the Maine New Markets Capital Investment Program from $250,000,000 to $500,000,000.