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• Introduced by Sen. Lynn Bromley (D) on April 14, 2008, this bill is modeled on statutes in Arkansas, Iowa, Michigan, Montana and Utah. It authorizes the establishment of the Maine Fund of Funds within the Small Enterprise Growth Board for the purpose of increasing the availability of venture capital to the Maine economy. The fund is managed by a director chosen by the Small Enterprise Growth Board, who may replace the director at will and has authority to close the fund if necessary to protect the State's interests. The board raises capital for the fund by offering as security refundable tax credits issued by the board, with the goal of attracting venture capital investment in the State's economy. The board maintains regulatory control over the fund. The bill requires annual audits and reports on the fund. The goal of the fund is to create investments in the Maine economy, which is broadly described as including the development of intellectual capital as well as job creation. The director may invest outside of the State as necessary to maximize returns and reduce the likelihood that tax credits will be redeemed. The bill provides that net profits from the fund after payment of obligations must be remitted to the General Fund. It also provides the Maine Public Employees Retirement System a preference in becoming a lender of capital and a special provision that the Maine Public Employees Retirement System may be granted a piece of the profits as an additional inducement to becoming a capital lender. Tax credits may not be redeemed for defaults occurring later than 2030, and the bill restricts tax credit redemption to $10,000,000 per year .
• Passed in the Senate by voice vote on April 14, 2008.
• Received in the House on April 14, 2008.
• Passed in the House by voice vote on April 14, 2008.
• Amendment offered in the Senate on April 14, 2008.
  • Amendment offered by Sen. Margaret R. Rotundo (D) on April 18, 2008. The amendment passed in the Senate by voice vote on April 18, 2008.
• The amendment passed in the Senate by voice vote on April 18, 2008.
• Received in the House on April 18, 2008.
• Passed in the House by voice vote on April 18, 2008.