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LD125 • 2025

An Act to Increase the Total Amount of Credits Authorized Under the Maine Seed Capital Tax Credit Program

An Act to Increase the Total Amount of Credits Authorized Under the Maine Seed Capital Tax Credit Program

Taxes
Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Senator Teresa Pierce
Last action
2025-07-01
Official status
Signed by the Governor
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act to Increase the Total Amount of Credits Authorized Under the Maine Seed Capital Tax Credit Program

An Act to Increase the Total Amount of Credits Authorized Under the Maine Seed Capital Tax Credit Program Sponsor: Senator Teresa Pierce Reference committee: Taxation Governor action: Signed by the Governor

What This Bill Does

  • An Act to Increase the Total Amount of Credits Authorized Under the Maine Seed Capital Tax Credit Program Sponsor: Senator Teresa Pierce Reference committee: Taxation Governor action: Signed by the Governor

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

Adopted by House & Senate

Plain English: Page 1 - 132LR0182(02) COMMITTEE AMENDMENT 1 L.D.

  • Page 1 - 132LR0182(02) COMMITTEE AMENDMENT 1 L.D.
  • 125 2 Date: (Filing No.
  • S- ) 3TAXATION 4 Reproduced and distributed under the direction of the Secretary of the Senate.
  • 5STATE OF MAINE 6SENATE 7132ND LEGISLATURE 8FIRST SPECIAL SESSION 9 COMMITTEE AMENDMENT “ ” to S.P.

Bill History

  1. 2025-07-01 Governor

    Signed by the Governor

  2. 2025-06-25 Senate

    On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table PASSED TO BE ENACTED in concurrence.

  3. 2025-06-10 House

    PASSED TO BE ENACTED . Sent for concurrence. ORDERED SENT FORTHWITH.

  4. 2025-05-12 Committee

    Reported Out; ONTP/OTP-AM

  5. 2025-03-04 Committee

    Work Session Held

  6. 2025-03-04 Committee

    Voted; Divided Report

  7. 2025-01-08 Committee

    Referred to Committee on Taxation.

Official Summary Text

An Act to Increase the Total Amount of Credits Authorized Under the Maine Seed Capital Tax Credit Program
Sponsor:
Senator Teresa Pierce
Reference committee:
Taxation
Governor action:
Signed by the Governor

Current Bill Text

Read the full stored bill text 
Page 1 - 132LR0182(03)
STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-FIVE
_____
S.P. 52 - L.D. 125
An Act to Increase the Total Amount of Credits Authorized Under the Maine
Seed Capital Tax Credit Program
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA §1100-T, sub-§4, as amended by PL 2021, c. 412, §4, is further
amended to read:
4. Total of credits authorized. The authority may issue tax credit certificates to
investors eligible pursuant to subsections 2, 2‑A and 2‑C in an aggregate amount not to
exceed $2,000,000 up to and including calendar year 1996, $3,000,000 up to and including
calendar year 1997, $5,500,000 up to and including calendar year 1998, $8,000,000 up to
and including calendar year 2001, $11,000,000 up to and including calendar year 2002,
$14,000,000 up to and including calendar year 2003, $17,000,000 up to and including
calendar year 2004, $20,000,000 up to and including calendar year 2005, $23,000,000 up
to and including calendar year 2006, $26,000,000 up to and including calendar year 2007
and $30,000,000 up to and including calendar year 2013, in addition to which, the authority
may issue tax credit certificates to investors eligible pursuant to subsections 2, 2‑A and 2‑C
in an annual amount not to exceed $675,000 for investments made between January 1, 2014
and December 31, 2014, $4,000,000 for investments made in calendar year 2015,
$5,000,000 for investments made in calendar years 2016 to 2019, $15,000,000 for
investments made in calendar year 2020, $13,500,000 for investments made in calendar
years 2021 and 2022, $15,000,000 for investments made in calendar years 2023 to 2026
and $5,000,000 $10,000,000 each year for investments made in calendar years beginning
with 2027. The authority may provide that investors eligible for a tax credit under this
section in a year when there is insufficient credit available are entitled to take the credit
when it becomes available subject to limitations established by the authority by rule. Rules
adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter
375, subchapter 2‑A.
APPROVED
JULY 1, 2025
BY GOVERNOR
CHAPTER
442
PUBLIC LAW