A new report shows Maine lost more than $31.5 million in fiscal 2018 due to government tax incentives. It shows Maine lost $15.4 million to the New Market Capital Investment Tax Credit; $13.3 million to the Employment Tax Increment Financing (TIF); and $2.8 million to the Pine Tree Development Zone Tax Credit. “But these tax break programs almost never have solid reporting requirements to ensure those criteria are actually being met. It simply required government entities to report revenue losses.”The programs’ effect on future economic progress or job creation is an open question. “What we do know is that the revenue lost to these tax breaks must be made up somewhere,” Moretto added.

Source: Daily Sun November 18, 2019 14:15 UTC