AUGUSTA — A new law will provide tax credits for new venture or “seed” capital investment.

The law will increase the Maine Seed Capital Tax Credit Program from 40 to 60 percent and also create a refundable 50 percent tax credit for venture capital funds making eligible investments.

The bill was passed unanimously before being signed into law earlier this month by Gov. Paul LePage. It becomes effective Sept. 28.

The sponsor, Saco Democratic Rep. Linda Valentino, says the time is ripe for increasing investments in the seed capital program, which will yield more high quality jobs and draw investment in the state.