The Maine Seed Capital Tax Credit program likely hit its $5 million annual cap on the first day of applications, with 107 investors in 21 different companies submitting requests for the tax credit Wednesday.
The applications still need to be evaluated, but the Finance Authority of Maine, which administers the program, said the requests it received Wednesday would exceed the $5 million cap if all were approved.
The tax credit program offers a state income tax credit of up to 50 percent on any qualifying investment in a Maine startup. Applications are accepted on a first-come, first-served basis, and there is an annual cap on the program of $5 million in total tax credits issued.
Wednesday was the first day investors could file their applications for 2019. Several investors lined up hours before the doors opened.
The finance authority plans to ask the incoming Legislature to triple the annual cap because of a recent surge in demand.
J. Craig Anderson can be contacted at 791-6390 or at:
Twitter: @jcraiganderson
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