Maine Achieves Success From The New Markets Tax Credit Program
Maine has an economy that was built on natural resources and has achieved pride from their status as a rural state. Their tradition is encompassing the future with the building of numerous new industries. The only way this development and growth can be achieved is with a lot of capital and unfortunately this was something Maine did not possess. In 2001 the New Markets Tax Credit changed everything for the state. Also referred to as the NMTC, the New Markets Tax Credit became a critical part of the capital flow for Maine and is helping the growth of the state. The NMTC has additionally improved their competition within the global economy.
Maine has started to prosper and to grow due to the NMTC. The states citizens are becoming successful because of the new opportunities and jobs that have been created. A perfect example is a plant located in Baileyville, Maine. The plant has been in operation since 1905 but expansion and upgrades had become critical. They became a reality because of the funding available from the NMTC. This resulted in nearly 100 new positions at the plant and more than 300 jobs already in existence being saved. The New Markets Tax Credit was designed to help communities where the unemployment rate and poverty levels are high. The NMTC is a cost effective solution to drive private investments and revitalize communities and their economies.
The NMTC is vital in the areas that have been hit the hardest because it allows growth to continue. Both small and medium sized businesses are provided with the financing they require. The NMTC has directly resulted in over 1,500 jobs in Maine being created or saved. Tens of thousands of Maine jobs have received indirect support because of the investments created by the NMTC. Investors are being attracted by the programs success from entirely new areas. Crucial projects in Maine are receiving support from these investments.
Olympia Snowe was one of Maine’s former Senators and one of the biggest supporters of the New Markets Tax Credit. She gave her support from the start because she believed in what the NMTC could do for Maine and others states in the same situation. By sharing the NMTC with other states they will see benefits just like Maine. The NMTC gives investors an incentive that was not there before and presents a solution for any state currently struggling with high unemployment and poverty levels.