Sign Up For Novogradac Industry Alert Emails

Maine Bill Tightens Restrictions on QLICIs

Wednesday, March 21, 2018 - 10:30AM

New regulations for the Maine state New Markets Tax Credit (NMTC) program will disqualify as qualified low-income community investments (QLICIs) any investment made after Nov. 9, 2015, that includes more than 5 percent of the investment for any of several uses. QLICI uses that can’t exceed the 5 percent level include refinancing costs, expenses or investments incurred or paid by the qualified active low-income community business (QALICB) or a party related to it before the date of the QLICI; equity distributions from the QALICB to its owners; investments to acquire an existing business or enterprise in the state; or transaction fees. The change will go into effect 90 days after the end of this year’s second legislative session, which is scheduled to end April 18.

Learn more about Novogradac's expertise and many services