The Success of Maine’s Tax Credit Program

Even though it may be rural, Maine’s natural resources are their proud showcase to the economy. The only thing holding it back was an investment capital which was luckily provided by the Maine New Markets Tax Credit (http://www.newmarketstaxfacts.com/new-markets-tax-credit-success-in-maine/), or NMTC for short. The Nee Markets Tax Credit was established in 2001 and has been a driving force in keeping the state alive and in the national economy. A prime and notable example of the NMTC helping is of the 1905 plant in Baileyville that was struggling. They helped cover costs to upgrade and expand the plant, which saved three hundred jobs and supplying hundreds more. This boosted the state’s moral and that’s when things started to turn around. Maine’s economy steadily rose from not only the funds but people investing back into the state. This tax credit program was exactly what Maine needed to survive the downfall they were inevitably going to see. Using the funds from the New Markets Tax Credit and the new jobs, they slowly started to upgrade surrounding buildings along with their landscape and make the terrain more modern to attract more people into the state.

Covering almost all of the low income and areas in poverty, the NMTC’s main goal is to help out the less fortunate. They have given funds to small and medium sized businesses to fight against the big guys, and thus resulted in tens of thousands of new jobs and attracting new investors from out of the state. One of the supporters of the program was a former senator for Maine, Olympia Snowe. He advised that other states take on the New Markets Tax Credit program to do the same as them, help out poverty and give money back to the lower class. With everybody helping each other out there should be no reason for anyone to be poor.