AUGUSTA, Maine (AP) – A panel that’s been tasked with reviewing Maine’s tax code is laying out its preliminary recommendations for tax incentives that could be slashed.
The list of recommendations from the special group of lawmakers, economists and business experts on Monday includes capping a tax credit program that reimburses workers for student loan payments who chose to live in Maine after graduation to save nearly $2 million.
They’re also recommending limiting tax credits for the restoration of historic buildings and cutting a tax reimbursement program aimed at encouraging Maine businesses to hire new employees.
The state’s budget-writing committee will now consider the recommendations.
The state has to find $40 million in savings in the state’s code to forestall automatic reductions to municipal revenue sharing, which has already faced significant cuts.