Jobs and Investment Tax Credit

The Jobs & Investment Tax Credit is based on the federal credit amount, which is based on investment in qualified property.  Employers can save as much as $500,000 per year for seven years by investing $5 million in personal property and creating at least 100 new jobs.  Tax credits apply toward Maine income tax.  In order to receive the credit, the business must create at least 100 new jobs within two years and invest at least $5,000,000 in one year.  Credit is limited to tax liability or $500,000, whichever is less.  Eligible businesses include any business, other than a public utility, that invests at least $5 million in a taxable year in qualifying types of personal property in Maine and creates 100 new jobs over the ensuing two-year period.  This credit cannot be used in conjunction with ETIF.