Sec. 1. 10 MRSA §1100-T, sub-§2, ¶A, as enacted by PL 1987, c. 854, §§2 and 5, is amended to read:

A. A tax credit certificate may be issued in an amount not more than 30% 50% of the amount of cash actually invested in a Maine business in any calendar year.

Sec. 2. 10 MRSA §1100-T, sub-§2, ¶D, as amended by PL 1997, c. 782, §2, is further amended to read:

D. The investment with respect to which any individual is applying for a tax credit certificate may not be more than an aggregate of $200,000 $500,000 in any one business in any 3 consecutive calendar years, except that this paragraph does not limit other investment by any applicant for which that applicant is not applying for a tax credit certificate.

SUMMARY

This bill increases the tax credit allowed under the Maine Seed Capital Tax Credit Program from 30% to 50% of the amount invested in a Maine business in any calendar year. The bill also increases the amount of the investment for which a tax credit may be applied for from $200,000 to $500,000 in any one business.