10 Maine State Tax Credits For Wealthy & Elite Taxpayers
Maine, like many states, has a complicated web of tax breaks and loopholes that can be used by powerful business interests and investors.
The 2016-17 Maine tax expenditure book lays out all of these breaks. Maine Examiner scoured the report for the tax breaks and loopholes that have the biggest price tags for small numbers of taxpayers, whether they are businesses or individuals.
Totaling more than $93 million per state budget and used by only a small number of taxpayers, some of these special breaks in Maine’s tax code will shock you!
1. Research Expense Tax Credit
2016-17 State Report: $1,000,000
Taxpayers: Approximately 50
Per Taxpayer: $20,000
2. Super Credit for Substantially Increased Research & Development
2016-17 State Report: $2,189,000
Taxpayers: Approximately 55
Per Taxpayer: $39,800
3. High Technology Investment Tax Credit
2016-17 State Report: $1,824,000
Taxpayers: Approximately 60
Per Taxpayer: $30,400
4. Credit for Rehabilitation of Historic Properties
2016-17 State Report: $26,234,000
Taxpayers: Approximately 125
Per Taxpayer: $209,872
5. Pine Tree Development Zone Tax Credit
2016-17 State Report: $4,332,000
Taxpayers: Approximately 135
Per Taxpayer: $32,088
6. Tax Benefits for Media Production Companies
2016-17 State Report: $503,000
Taxpayers: Approximately 10
Per Taxpayer: $50,300
7. New Markets Capital Investment Credit
2016-17 State Report: $22,714,000
Taxpayers: N/A
Per Taxpayer: N/A
8. Employment Tax Increment Financing
2016-17 State Report: $28,682,000
Taxpayers: Approximately 160
Per Taxpayer: $179,262
9. Shipbuilding Facility Credit
2016-17 State Report: $5,700,000
Taxpayers: 1
Per Taxpayer: $5,700,000
10. Refund of Sales Tax on Purchases of Parts and Supplies for Windjammers
2016-17 State Report: $168,150
Taxpayers: 10
Per Taxpayer: $16,815
Total: $93M+
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