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Jobs & Investment Tax Credit

Eligible Businesses:
Any business, other than a public utility, that invests at least $5 million in a taxable year in qualifying types of personal property in Maine and creates 100 new jobs over the ensuing 2 year period.
Program Summary:
The program provides a credit against Maine income taxes equal to 10% of investments in qualifying types of personal property. The investment must total at least $5 million in any taxable year and generate at least 100 new, qualifying jobs within two years of the date the investment is placed in service. The credit amount is limited to the lesser of $500,000 per year or the tax otherwise due. Unused credit may be carried forward for up to 6 years. Recapture provisions apply if the property is disposed of or otherwise ceases to qualify under the Code. (Please note, the Jobs and Investment Tax Credit may not be taken concurrently with the Employment Tax Increment Financing Program.)
Program Valuation Example:
Investment Assumptions
Total Jobs Created
250
Personal Property Investments in two-year period
$45 million
 
ROI & Program Valuation
Eligibility Formula (10% X 45 million)
$4,500,000
Maximum Annual Reimbursement
(Remaining Credits may be carried forward.)
$500,000
   
Total Value of JITC Reimbursements:
$3,500,000

 

 



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