S.P. 814 - L.D. 2196
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA §1100-T, sub-§2, ¶C, as amended by PL 1991, c. 854, Pt. A, §8, is further amended to read:
C. Aggregate investment eligible for tax credits may not be more than $600,000 $1,000,000 for any one business as of the date of issuance of a tax credit certificate.
Sec. 2. 10 MRSA §1100-T, sub-§2, ¶D, as amended by PL 1995, c. 424, §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 $100,000 $200,000 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.
Sec. 3. 10 MRSA §1100-T, sub-§2, ¶E, as amended by PL 1995, c. 658, §3, is further amended to read:
E. The business receiving the investment must have annual gross sales of $2,000,000 $3,000,000 or less and the operation of the business must be the full-time professional activity of the principal owner, as determined by the authority. The principal owner and the principal owner's spouse are not eligible for a credit for investment in that business. A tax credit certificate may not be issued to a parent, brother, sister or child of a principal owner if the parent, brother, sister or child has any existing ownership interest in the business.
Sec. 4. 10 MRSA §1100-T, sub-§4, as amended by PL 1995, c. 424, §4, is further amended to read:
4. Total of credits authorized. The authority may issue tax credit certificates to investors eligible pursuant to subsection 2 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, $4,000,000 and $5,500,000 up to and including calendar year 1998, $5,000,000 up to and including calendar year 1999, $6,000,000 up to and including calendar year 2000, and not to exceed $7,000,000 thereafter. In addition, the authority may issue tax credit certificates to investors eligible pursuant to subsection 2-A in an aggregate amount not to exceed $1,000,000.
Effective July 9, 1998, unless otherwise indicated.
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