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MAINE Fast Facts

• Population (2006): 1,321,574
• Largest Cities (2006): Portland, 63,011; Lewiston, 36,011; Bangor, 31,008; South Portland 23,784; Auburn, 23,156
• Targeted Industries:Aquaculture and marine technology, advanced technologies for forestry and agriculture, biotechnology, composite materials technology, environmental technology, information technology, and precision manufacturing technology

• Key Incentives: Pine Tree Development Zone Program, Business Equipment Tax Reimbursement program, Maine Technology Institute, Employment Tax Increment Financing, Research Expense Tax Credit

MAINE State Incentives

The Pine Tree Zone (PTZ) Program is a performance-based tax incentive initiative designed to stimulate growth in certain types of new and expanding businesses in targeted areas of the state. Businesses qualify for the program through job creation, and certification is based on future performance-including net new employment and property investment. PTZ benefits include a 100% refund of corporate income tax and insurance premium tax for five years, a 50% refund for an additional five years, a return of 80% of the state income taxes withheld for net new employees through Employment Tax Increment Financing, 100% sales and use tax exemption on equipment purchases, 100% sales and use tax reimbursement on construction materials, local option Tax Increment Financing, and reduced electric rates.

The Business Equipment Tax Reimbursement (BETR) Program reimburses all local property taxes paid on production machinery and equipment for up to 12 years, less any number of years for which a High-Technology Investment Tax Credit was claimed. Any business that pays local property tax on a qualified business property is eligible. Reimbursement schedules are tied to the equipment, not the project. Therefore, as equipment is replaced, new reimbursement schedules begin.

If a for-profit, non-retail, non-utility business is adding a minimum of five net new Maine jobs within a two-year period, it may be eligible for Employment Tax Increment Financing (ETIF). For companies relocating with no previous Maine presence, all employees are considered "new." Under the program, businesses are reimbursed up to 80% of their new employees' Maine income tax withholdings for up to 10 years. To qualify, new employees must be paid a wage above the county's average per-capita wage, and be provided access to group health insurance and an Employee Retirement Income Security Act-qualified retirement program.

The Governor's Training Initiative Program offers no-cost, customized recruiting and training assistance on a pre- or post-employment basis by developing and coordinating training programs for firms intending to expand or locate in Maine, reorganizing a workplace to remain competitive, or helping to upgrade worker skills. Eligible businesses may receive reimbursement for on-the-job training, competitive retooling, assessment, job-task analysis, workplace safety and literacy, specialized recruitment, high-performance skills, or customized technical training.

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