The state of Maine has always taken pride in being a rural state. With vibrant heritage and beautiful landscapes, the state has always been one of those untouched beauties in the country. However, with leading a rural lifestyle, the state did not see much economic development up until 2001, when the New Markets Tax Credit system was put into place. The introduction of this led to an increase in cash flow, giving rise to a good amount of economic development in the state. Today, the state of Maine has grown to have large industries and is on the path of economic and social development. With this growth, the state has been able to stand on its own two feet and pull its weight as a significant contributor to the economic scenario in the country.
When the Maine New Markets Tax Credit system came into place, it brought numerous benefits along with it. One of the main advantages of this was the fact that it created a host of new job opportunities for people living in Maine. With the growth of industries and new offices, the state had a significant flow of employment, which helped it develop even further. A lot of the factories that were already present in the state also benefitted from the introduction of the New Markets Tax Credit system in the market. This system provided more funds to the existing factories, which enabled them to develop and expand, thereby helping the economy.
The New Markets Tax Credit is considered to be one of the most efficient when it comes to dealing with the problems of unemployment. Unemployment was a big issue in the state of Maine, with a large quantity of the population living on welfare, unable to support themselves. By driving investors into such kind of territory, they are giving them a piece of a growing economy, at an extremely effective cost, which in turn entices more investors to do the same. The New Markets Tax Credit has proven to be instrumental in the growth that the state has seen, giving rise to numerous new businesses and companies in a variety of different fields. With the mutual benefit being experienced on all ends, this proved to be an excellent solution that helped improve the problems of poverty that the state was experiencing.
People in governmental positions in the state advocated the New Markets Tax Credit system, because of all the positives that came along with it, and its implementation has proven to be beneficial to Maine.