Since 1905 the plant in Baileyville, Maine has been part of the state’s mostly rural economy. Today, thanks to funding from New Markets Tax Credits (NMTC), the Baileyville plant is thriving. They completed badly needed upgrades and expansions as a result of the NMTC investment, and were able to save 300 jobs, and add almost 100 more. The implementation of a New Markets Tax Credit moved Maine forward in creating new jobs and new opportunities for the state.
Attracting new industries, creating incentives to invest in the local economy, and building on the state’s natural resources, the program leverages private capital sources to develop growth and progress within the state. The creation of growth requires large amounts of capital; which Maine was not previously attracting. The NMTC prioritizes low-income areas overlooked by traditional funding sources and provides investors with a reason to invest.
Supported from its inception by Former-Senator Olympia Snowe, the NMTC concept was a game changer for the state. Since its introduction in 2001, the New Markets Tax Credit has become an integral factor in the viability and growth of the state’s economy, helping to move the Pine Tree State into a competitive position in the global market.
The program specifically targets communities with a statistically under-employed workforce, revitalizing hard-hit economies and giving new life to those communities. It provides the crucial financing to promote medium-sized and small businesses. The direct result is the creation of more than 1,500 new jobs within the state of Maine.
The encouraging success of the Maine NMTC program is magnified when you consider that it also indirectly triggers the addition of thousands more regional jobs, as a result of positive economic growth factors. By supporting crucial projects, the NMTC allows new investors to realize economic potential across diverse industries. It has improved the economic viability of a variety of enterprises in manufacturing, health care, agriculture and technology market sectors, as well as the hospitality industry, conservation, and the arts.
The confidence of early proponents of the measure is proving justified. The New Markets Tax Credit program is solving the problems of high poverty and unemployment. It is re-positioning formerly struggling communities as leaders in positive economic growth and development, and other states have joined Maine in implementing this remarkably successful plan. Alabama, Arkansas, Florida, Illinois, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Nevada, Ohio, Oregon, and Utah all now have NMTC programs like Maine.