“So were mortgage backed securities that ended up being supported by unsustainable mortgages,” said Dick Woodbury, an economist and state that is former from Yarmouth, following the information on the offer had been told him. “I’m really frustrated to know just just how (the Maine New Markets tax credit system) has been utilized, and has now made me personally extremely cynical about almost any income tax credit system as well as its prospect of profiteering motives over genuine state passions.”
The fantastic Northern deal offers a tale that is cautionary just how experienced and advanced financiers and solicitors have the ability to manipulate a situation taxation incentive program that receives little oversight through the Legislature.
during the time of the investment, Great Northern stated it planned to utilize the funds to update the mill’s grinder space, transform the mill to perform on gas rather than oil and facilitate a 30 percent escalation in its production that is annual capacity in accordance with a January 2013 news launch in one associated with monetary companies that brokered the offer, improved Community growth of brand New Orleans.