ME LD1699

Expands the Maine Seed Capital Tax Credit Program to include agricultural enterprises as eligible recipients, effective for investments made on or after April 1, 2025

Allows investors in agricultural enterprises to receive a tax credit certificate worth up to 40% of cash invested, with a maximum aggregate investment of $3,500,000 per enterprise and $2,000,000 per calendar year

Agricultural enterprises may use investments for infrastructure improvements that expand marketing, production, or processing of agricultural products, in addition to standard eligible uses like plant, equipment, and working capital

Removes certain restrictions for agricultural enterprises that apply to other businesses: principal owners and spouses may receive credits for investment in their own enterprise, investors may own 50% or more of the enterprise, and products may be sold inside or outside Maine

Eligible agricultural enterprises must have annual gross sales of $5,000,000 or less and certify the investment is necessary to expand operations