Payday in the mill. Exactly just just just How financiers that are sophisticated a Maine investment system they devised to wring vast amounts in risk-free comes back at taxpayer cost
- Proposed Maine requirements for company income tax credits draw concerns, warnings
- Maine leaders want modifications to tax-credits system
Sometime this present year, their state of Maine will cut two checks well well worth an overall total of $2.8 million and mail them to out-of-state investors. The following year, it will probably deliver two more checks, well worth $3.2 million, towards the exact same recipients. It will duplicate that procedure for the following 3 years until approximately $16 million of taxpayer cash happens to be withdrawn from MaineвЂ™s General Fund.
This payout of taxpayer bucks through could make a commitment whole their state designed to encourage that which was вЂ“ on paper вЂ“ touted being a $40 million investment within the resurgence for the Great Northern Paper mill in East Millinocket.
Nevertheless the resurgence failed. Per year following the investment had been gotten, the millвЂ™s owner, personal equity company Cate Street Capital of Portsmouth, brand brand New Hampshire, shuttered the mill and let go significantly more than 200 individuals.Detalles