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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