Communities in the state of Maine have seen success with the New Market Tax Credit. It was introduced in 2001 and it has been a big factor in the state of Maine’s economic growth.
The New Market Tax Credit works like this. The United States Department of Treasury gave $80 million dollars in funding to CEI Capital Management, an investment firm based in Maine. CEI Capital Management will then help fund new projects that will create economy or expansion projects that will help boost an existing business. They need to be projects in rural high poverty areas of the State of Maine. CEI Capital Management is proud to be able to help areas in Maine where jobs are needed to support families.
The Maine New Market Tax Credit has provided great opportunities for the residents of Maine by helping to create new jobs. The New Market Tax Credit has also been a factor in saving quite a few jobs. The New Market Tax Credit has provided funding to expand and upgrade existing places of employment. This helps these businesses keep employees employed and also helps them create new jobs. The New Market Tax Credit has helped businesses save or create at least 1,500 employment opportunities in communities across the state of Maine.
For areas with higher poverty rates and where their is a weak economy, this New Market Tax Credit is vital to their economic growth. This program attracts investors from all over the nation who might otherwise not invest their projects in this area.
The former Senator of Maine, Olympia Snowe, was very supportive of this tax credit. Snowe hopes other states in the nation who are in a similar crisis such as Maine was with economic growth and poverty will consider bringing in this type of program to their state. The New Market Tax Credit has definitely helped Maine rebuild and grow their economy and their people.