Code of Maine Rules
94 - INDEPENDENT AGENCIES
457 - FINANCE AUTHORITY OF MAINE (FAME)
Chapter 307 - MAINE SEED CAPITAL TAX CREDIT PROGRAM-Amendment 9
- Section 457-307-1 - Definitions
- Section 457-307-2 - Application Procedures
- Section 457-307-3 - Eligibility - Direct Investments in Eligible Businesses
- Section 457-307-3-A - Eligibility - Investments into Funds Prior to January 1, 2012 and Investments through Flow-Through Entities
- Section 457-307-3-B - Eligibility - Investments into Private Venture Capital Funds on or after January 1, 2012
- Section 457-307-4 - Issuance of Certificates
- Section 457-307-5 - Reserved
- Section 457-307-6 - Effect of Certificates; Conditions; Revocation; Reporting
- Section 457-307-7 - Public Information
- Section 457-307-8 - Appeal
- Section 457-307-9 - Waiver of Rule
Summary: This rule establishes the procedures and standards applicable to the Maine Seed Capital Tax Credit Program, pursuant to which the Authority may authorize tax credits to investors in an amount not more than 40% of the amount of cash actually invested by that investor in an eligible Maine business or in an eligible private venture capital fund for investment in other eligible Maine businesses in any calendar year. Total aggregate investments eligible for tax credit certificates may not exceed $3,500,000 for any one eligible business, and no more than $2,000,000 for any one business in any calendar year. Investors under the Program make their own investment decisions. The issuance of a certificate by the Authority does not imply approval or endorsement of the business or the prudence of the investment.
STATUTORY AUTHORITY: 10 M.R.S. c. 110, subchapter 1 §969-A (14); subchapter 9 §1100-T
