FAME Announces Allocatees for Maine New Markets Capital Investment Program
Monday, February 27, 2012
The Finance Authority of Maine (FAME) recently announced the allocatees for the newly created Maine New Markets Capital Investment Program.
“FAME is pleased by the level of interest in this new program,” stated FAME Board Chair Susan Snowden. “The expected investments should help spur economic development and job creation in Maine.”
The list of entities whose allocation applications were approved is as follows:
• Advantage Capital of New Orleans, LA (total tax credit allocation of $41,666,666.64 split among 5 different related entities)
• CCG Community Partners, LLC of Princeton, NJ (tax credit allocation of $41,666,666.66)
• CEI Capital Management, LLC of Portland, ME (tax credit allocation of $41,666,666.66)
• Enhanced Community Development, LLC of New Orleans, LA (tax credit allocation of $41,666,666.66)
• Stonehenge Community Development, LLC of Baton Rouge, LA (tax credit allocation of $41,666,666.66)
• USBCDE, LLC of St. Louis, MO (tax credit allocation of $41,666,666.66)
The Maine New Markets Capital Investment Program was established during the First Session of the 125th Maine Legislature. It is modeled after the federal New Markets Tax Credit program. Designed to attract investment in economically distressed areas, the program allows eligible investors to claim tax credits against state taxes in amounts up to 39 percent of a project’s total cost. The maximum aggregate amount of tax credit authority is set forth at $250 million and the total amount of tax credits allowed per fiscal year is $20 million. FAME administers the program in cooperation with Maine Revenue Services.
Allocatees have two years from the date of FAME’s notification to utilize their tax credit allocations. Use of the allocations must be approved by FAME. In the event the full amount of any allocation is not used to finance approved projects within two years, the allocation will automatically lapse and be subject to reallocation. Recipients must file annual reports with FAME which, in turn, will be shared with the Legislature as it assesses the value and effectiveness of the program.
Click here for more information on the program.