2013 Maine Municipalities Warned to Tighten their Belts as Seed Capital Tax Credit Expands Eightfold
Tweet This: http://goo.gl/qOE3vX Worth a Listen: http://wgan.com/podcasts/al-dimillo-1-11/ Compiled from various notes: Feb 2013 An Act To Provide Greater Access to Capital for Certain BusinessesThrough Advance Payment of Employment Tax IncrementFinancing Benefits SUMMARY 36 This bill allows the Commissioner of Economic and Community Development, under 37 extraordinary circumstances, to provide advance payments of employment tax increment 38 financing benefits to a qualified business based on a net present value calculation of the 39 projected employment tax increment financing benefit to the business. The advance 40 payment must be made in the form of a loan through the Maine Rural Development 41 Authority, pursuant to applicable conditions and requirements. Commentary This refers to the (up to) 80%payroll tax credit that the state provides to its targeted sector- or in other words that the state requires the tax-paying sector (employees...