Committee unanimously approves Sen. Curry bill to help more businesses grow and strengthen the Capital Seed Tax Credit Program

AUGUSTA – On Thursday, a bill from Sen. Chip Curry, D-Belfast, to improve the effectiveness of the Maine Seed Capital Tax Credit Program passed in the Legislature’s Taxation Committee. An amended version of LD 1941, “An Act To Clarify and Update the Maine Seed Capital Tax Credit Program,” passed with bipartisan, unanimous support.

“We must build into this program continuous learning and accountability,” said Sen. Curry. “The Maine Seed Capital Tax Credit Program allows small businesses with high growth potential to better attract early investors and raise startup capital. We need to leverage this public-private partnership to strengthen our innovation economy and ensure that the program serves the people and communities of Maine. Investing in Maine-grown businesses that move our economy forward in strategic sectors and provide good paying jobs is a direct investment in Maine people and communities. I’d like to thank the committee for supporting this bill.”

LD 1941, as amended, would establish a legislative working group that reviews and proposes changes to the Maine Seed Capital Tax Credit Program. The working group will build off recent research conducted by the nonpartisan Office of Program Evaluation and Government Accountability (OPEGA). According to the OPEGA report published this past summer, the Maine Seed Credit Tax Credit is one piece of a statewide public-private system of supports for small startup businesses in Maine.

LD 1941 now faces votes in the Senate and the House.

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