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

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

“The Capital Seed Tax Credit Program is a useful tool to help small businesses grow,” said Sen. Curry. “OPEGA has given us really wonderful insights in to how the program can grow and become more effective. Public-private partnerships like this allow Maine businesses to grow and attract more investors, which overall strengthens our economy. Maine-grown businesses should be the backbone of our economy, and programs like the Capital Seed Tax Credit helps move them forward. I’m glad my colleagues in the Senate supported 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 further votes in the Senate and the House in the coming weeks.

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