124th MAINE LEGISLATURE
		LD 1666		LR 2135(02)
	An Act To Improve the Seed Capital Investment Tax Credit Program
	Fiscal Note for Bill as Amended by Committee Amendment "   "
	Committee: Taxation
	Fiscal Note Required: Yes
Fiscal Note
			2009-10	2010-11	Projections 2011-12	Projections 2012-13
Net Cost (Savings)
	General Fund		$0	$0	$506,747	$493,060
Revenue
	General Fund		$0	$0	($506,747)	($493,060)
	Other Special Revenue Funds		$0	$0	($26,671)	($25,951)
Fiscal Detail and Notes
	Expansion of the seed capital investment tax credit program by (1) increasing the credit from 40% of an eligible investment to 60% and making the credit available state-wide; (2) raising the individual/entity tax credit limit in certain circumstances from $200,000 to $500,000; and (3) allowing venture capital funds to claim a 50% refundable credit will reduce General Fund revenues.  The General Fund revenue loss is estimated at $506,747 in fiscal year 2011-12 and $493,060 in fiscal year 2012-13, then declines to $236,000 in fiscal year 2013-14 and $26,000 in fiscal year 2014-15.
	Additional costs to the Finance Authority of Maine associated with rulemaking can be absorbed within existing budgeted resources.