This credit is based on a certificate issued by Finance Authority of Maine, which is equal to 40% of qualified investment (60%, if the investment is in a business located in a certain high- unemployment area). Limitations: the taxpayer can only take 25% of the credit in the year of the investment and 25% in each of the following three years. The amount of the credit taken in any one year cannot exceed 50% of the tax otherwise due. The credit cannot be carried back, but can be carried forward up to 15 years.
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Author: Maine & Company
