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Showing posts with the label The New Market tax Credit

Mystery of the Missing Maine Senate Vote Passing New Markets Tax Credit

TWEET THIS   goo.gl/bDXMYY There is a noteworthy article in the Portland Press Herald by staff writer WHIT RICHARDSON Pay Day At the Mill tells the story of how investors from out side the state lobbied the legislature to create new program Maine New Markets Capital Investment program, written by their own lawyers to include the ubiquitous refundable tax credit found throughout economic development programs devised by the Maine legislature In the end, here’s what really happened: Two Louisiana financial firms arrived in Maine with a plan to create such a program, hired lawyers and lobbyists to get it passed in Augusta, then put together the Great Northern deal using one-day loans that made an $8 million loan look like a $40 million loan. While they claim they did this to leverage more investment, the result is that Maine’s taxpayers are going to pay $16 million to banks and investment firms that invested only half that amount. And all of it was legal. Whit Richardson Payday A