The Allocation Of $80 Million In Tax Credits By The Government To Help Maine Tremendously In Rural Development

The Allocation Of $80 Million In Tax Credits By The Government To Help Maine Tremendously In Rural Development

March 23, 2017
in Category: Business

The Allocation Of $80 Million In Tax Credits By The Government To Help Maine Tremendously In Rural Development

Maine is one of the fastest developing states in the United States today. Thanks to the new benefits in the form of tax credits, amounting to $80 million, which it received from the government, the economic growth in the state is only going to spiral upward. The Maine-based capital management company, CEI Capital Management, was allocated the sum of $80 million by the U.S. Department of Treasury.

The fund is awarded primarily for the rural development in the state, and CEI Capital Management has assured that the tax credits would be productively used to drive economic growth in the state. The company said the funds would be utilized to strengthen and empower local communities with low-income average and multiply the job opportunities in the state through working on various economic projects.

The government allocated the funds in New Markets Tax capacity, and CEI Capital Management said in a statement that it had used the funds assigned by the government since 2004 to over 90 economic growth projects in the state. Such projects have helped drive investments from other states and helped with infrastructure development and improving the quality of life of the people in the rural areas.

It has since 2004 created close to 5,000 jobs and with the recent allocation of $80 million, many new ventures would be commenced that would continue to create employment opportunities for the people in the state. CEI Capital Management further added that the funds it received have helped with improving the condition of many industries in the region, especially agriculture, manufacturing, technology, healthcare, hospitality, conservation, and arts.

CEI Capital Management has worked on over 22 projects in Maine alone, which collectively are worth close to $274 million. The company recently announced that it is glad to receive the allocation, which it plans to use to strengthen the rural communities. As per the reports, the funds allocated by the U.S. Department of Treasury this year amounts to a massive $7 Billion, which is the highest since the inception of the Maine New Markets Tax Credit Program.

The primary motive of CEI Capital Management is to help local businesses to thrive and get the economic support it needs to expand and create employment. Maine is growing at a rapid pace in the last few years as more and more businesses and small, medium and large sized enterprises understand the hidden potential of the state. The rural areas of Maine are also growing at a considerable pace due to the central government’s support.