Tax Credit Program Helps Create Jobs in Maine
Since its implementation in 2000, the New Markets Tax Credit Program has been successful in alleviating the unemployment rate on low-income earning communities, and Maine in particular. Maine has shown great improvements in terms of providing stable jobs for individuals who need it the most.
The tax credit program is implemented with the hopes of attracting new ventures in communities with low economic activities. The program works by providing incentives to investors who are willing to shell out funds for community development. This is especially helpful in Maine as the state was able to produce some 1,700 permanent jobs as well as 460 construction jobs in the process. The program also helped in preserving 577,713 acres or almost 234,000 hectares of forest land without hindering the state’s economic growth.
Through the New Markets Tax Credit Program, a number of stable industries have solidified their grounds. The program has also invited a lot of new ones to help the economic growth of the state further. Because of this, the economy is more diverse and the labor force has more choices on which they want to work on and be successful with.
Charles J. Spies III, CEO of CEI Capital Management LLC in Brunswick, applauded the tax credit program, saying that he is pleased with the success of three new projects they have lead, namely the Farnsworth Museum, Gulf of Maine Research Institute and Portland Public Market conversion.
The New Markets Tax Credit Program has not only helped Maine in developing economically, but has also helped other impoverished communities in having a fighting ground in terms of improving their economy through external investments. Thus, it should be one of the primary goals of the Congressional representatives: to review the program in order to allow for it to extend its implementation in Maine and in other communities that it has helped. A lot of individuals, investors, and businesses have improved because of the program. More importantly, a lot of communities have developed because of this program. It will be a waste to discontinue its implementation, and thus its further execution should be on the priority of the local and federal government.