The Maine New Markets Capital Investment Program is modeled after the federal New Markets Tax Credit Program. The program is believed to attract investment capital to the communities who have low income. They do this by giving the investors an opportunity to get a state tax credit on the equity investments that they are able to make in the Community Development Entities which is known to many as CDE.
The funding for the program is done in cooperation with the Maine Revenue Services and the Maine Department of Economic and the Community Development. It is then administered by FAME.
For a CDE to be able to participate in this program, they should first be certified to be a qualified Community Development Entity. This should be done by the Secretary of the United States Treasury. It should also be a party to an already existing allocation agreement with the Department of Treasury’s Community Financial Institution Fund that is still in effect and not in any way subject to revocation or even cancellation. The agreement should have Maine in their service area. On top of this, the CDE should be able to give answers to four of the mandatory five questions positively.
However, there are some basic requirements that every CDE must meet for its eligibility to be approved.
First the CDE might seek an allocation of tax credit authority, reserving their tax credit eligibility for their later qualified equity investments. This can be done by filing allocation their applications with FAME.
The mandatory allocation for each CDE is $62,500,000. The allocation of the tax credit authority will only be useful for two years.
After getting the qualified equity investments in the approved allocation, and reinvested in the right active low-income community investment for use , the CDE should then file for a certification application from FAME giving the details in the transaction.
FAME is then supposed to review the application to ascertain if the eligibility of the certification for the program tax credits. It is approved, and then FAME will give notice to the CDE and even to the Maine Revenue Services for the persons qualified for the credits and amount thereof.
The individuals eligible for the tax credit might get refundable state income tax credits which could go up to 39% from their eligible investment, which might be taken on an increasing basis for over seven years.
When a CDE has qualified to be awarded the tax credit allocation authority should file their annual report with FAME.
Independent small businesses employ over fifty percent of all workers in the U.S., and local and county governments rely on the small businesses to provide jobs, grow the local economy and bring in vital tax revenue. Many of these businesses need investment capital to grow but are often overlooked by investment firms because these businesses are deemed to be too risky in part based on their location. To solve this problem, state and local officials created the Certified Capital Company Program, or CAPCO programs, to help bring in venture capital investments to underserved and overlooked businesses in certain areas.
Washington D.C. has its own CAPCO program that has the goal of increasing private capital investments in small businesses based in D.C. The CAPCO operates independently from the local D.C. government, and it is run and managed by venture capital firms who set the terms and investment criteria without the local government being involved in the investing decision. The law that establishes the CAPCO program in D.C. also does not set the terms and criteria for investment decisions. Insurance companies provide up to $50 million to fund the D.C. based CAPCOs. The CAPCOs then provide up to $50 million in loans and private equity investments to the local D.C. based businesses that meet certain requirements for the loan or investment. The local D.C. government then provides the insurance companies up to $50 million in tax credits.
One of the CAPCOs operating in D.C. is Enhanced Capital District Fund. It is a small business investment firm that focuses on lower middle market businesses that are growing. Founded in 1999, it participates in many public-private investing partnerships by providing loans, targeted investments, and tax credit financing. It is headquartered in New York City and has regional offices throughout the country including Washington D.C.
Alabama, Colorado, Florida, Louisiana, Missouri, New York, Texas and Wisconsin also have CAPCO programs. Many small businesses in these state plus Washington D.C. have benefited from this program by receiving vital investment capital they need to grow. As other states look to attract investments for the businesses in their state, they may want to look into the CAPCO program.
Tennessee voters find themselves in the position of questioning their state legislature competence as dysfunction and stagnation continue to bedevil representatives’ ability to perform even the simplest functions of governing.
As shared in the Tennessean by Frank Garrison, it appears as though Tennessee finds itself in something of a bind as lawmakers complicate the process of governing and legislating far beyond reasonable means.
After the passing and implementation of President Obama’s Affordable Care Act, Governor Bill Haslam had put a considerable amount of executive influence and effort into crafting an alternative that was more in line with his conservative leanings. This was intended to provide coverage for some 280,000 uninsured people the original Medicaid coverage–attached to the ACA expansion which would’ve had to have been approved by the governor–would have cared for.
After two years of drafting the law to make it ready for implementation, Insure Tennessee was ready to be made available to the public. This voucher program would allow for Tennesseans to to seek their coverage through their employer. This voucher program would seek to cover hundreds of thousands of citizens that mostly fill low-wage positions, and an approximate 24,000 who are also veterans.
In addition to this expanded coverage, Insure Tennessee also provides $1 billion in funding to state hospitals that are in disrepair and are not being looked after under the current purview of the Affordable Care Act. Also, economists from the University of Tennessee estimate that thousands of jobs could result from the implementation of this program.
After a special session, called by Haslam, Seven senators banded together to block the proposal through a display of impassioned speeches. And though some have argued that Haslam has the authority to move forward on his own, he has been steadfast in his opposition without moving forward until he’s given legislative approval.
It’s difficult to see why legislators would oppose the passing of Insure Tennessee. It runs on federal funds that have already been allocated for Medicaid expansion, meaning that state money would not be used to run the voucher program. In numbers run by the Governor’s office, the state would actually accrue $40 million in savings in the very first year, putting the state in a winning position from the outset.
These numbers would seem to be in agreement with the positions of state republicans, yet the proposal failed to be passed by a committee to be considered for the regular legislative session.
Lieutenant Governor Ron Ramsey, leader of the state legislature, has come forward with a swath of excuses an explanation to account for the failure of representatives to put Insure Tennessee up for a vote now that the bill is ready for implementation. However, there are calls from many for the Lieutenant Governor to place the proposal up for a vote, for which he still has time.
Deciding to practice law or earn a law degree is something that requires a lot of thought and commitment. There is a lot involved in getting into a good law school and ensuring you’re able to accomplish your goals and find employment after you get your degree. If you have considered the amount of work required to get a law degree and still want to go through the process then take a look at the following information and learn how to get into law school.
Get an Undergraduate Degree
Before applying for law school, complete your undergraduate degree. There is no specific major that is required by the American Bar Association in order to apply for law school, but there are certain courses that could increase your chances of getting into law school. A few majors that tend to result in a higher rate of acceptance into law school include journalism, philosophy, and economics. While earning your degree, it is also important to maintain a high GPA. Your grade point average will have a major impact on whether you get accepted into law school.
Participate in Extracurricular Activities
Extracurricular activities always look good on a college application. You should also get started with these activities as soon as possible. Colleges like to look at how long you have been involved in each activity and your level of participation; though, you should not spread yourself out too thin. This means that you should try to focus on just a few activities. Choose several activities that have meaning to you and devote free time to them without letting your grades suffer.
Create an LSAC Account
It is also a good idea to begin preparing for law school early. Create an LSAC account. This is an account for the Law School Admission Council, the group responsible for administering the LSAT (law school admissions test). With your account in place, you can browse various LSAT related resources and even purchase preparation materials to help you gain an understanding of the depth of the test.
You will also use this account to prepare for your law school applications. Your LSAC account will give you access to the Credential Assembly Service. You can use this service to keep track of all your accomplishments, activities, internships, and other credentials that you will add to your law school applications.
Take the LSAT When You Are Ready
After reviewing some of the training materials that you find through your LSAC account you should begin preparing for the LSAT. Start taking practice tests and studying for the exam. If you do not know anyone else that is studying for the exam you may be able to find training partners online. Additionally, you will find a whole host of online resources to help you prepare. The LSAT is only offered 4 times a year, so when you believe that you are fully prepared for the exam, register to take the test. Once you have passed the LSAT, and you are nearly finished with your undergraduate degree, it is time to begin applying to law schools.
Take your time when finding law schools to apply to. Examine as much about each school as possible. Find out what their requirements are, how many new enrollees they accept each year, the price of tuition, and other factors. Carefully evaluate each school and narrow your list down to half a dozen schools. Send out your applications as you would any other college and remember to use your resources from your LSAC account to help ensure you include all your activities and other relevant information.
Getting into law school requires a lot of hard work, studying, and the passing of the LSAT. If you truly want to get involved in law then stick with your studies and continue learning as much as possible as you ready yourself for the LSAT. If you have any additional questions or concerns about applying for law school, feel free to send us a message.