POPULATION: 1,321,574 (2006)
LABOR FORCE: 723,200 (2006)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES: Forest products, agriculture, textiles, fishing
EXPANDING INDUSTRIES: Biotechnology, composite materials, financial services, high-tech electronic manufacturing, marine science technology, information technology, environmental technology
COLLEGE GRADUATES: (Age 25 and over) 26.1%
BASIC BUSINESS TAXES:
Corporate Income Tax: 3.5 percent of net income applies to the first $25,000; 7.93 percent applies to the next $50,000; 8.33 percent applies to the following $175,000; and 8.93 percent applies to Maine net income in excess of $250,000.
Corporate Filing Fees: $145 minimum filing fee for domestic corporations; $250 application fee for foreign corporations
Sales and Use Tax: 5 percent of the sales price on retail sales of tangible property and certain services
Property Tax: Real and personal property is taxed locally at varying rates.
BUSINESS INCENTIVES:
Department of Economic and Community Development:
- • Employment Tax Increment Financing (ETIF)
- • Governor’s Training Initiative
- • Pine Tree Development Zones
- • Tax Increment Financing
Maine Revenue Services:
- • Business Equipment Tax Reimbursement Program (BETR)
- • Clean Fuel Tax Credit
- • Employer-Assisted Day Care Credit
- • Employer-Provided Long-Term Care Benefits Credit
- • High-Technology Investment
Tax Credit
- • Jobs and Investment Tax Credit (JITC)
- • Research Expense Credit
- • Super R&D Credit
Maine Technology Institute:
- • Development Awards
- • Seed Grants
- • Cluster Enhancement Awards
- • Renewable Resource Matching Funds Award Program
- • Accelerated Commercialization Fund
- • Forest Bio-Products
Matching Fund Maine Community College System:
- • Maine Quality Centers (specialized technical training for workers in new or expanding
business)
Finance Authority of Maine:
- • Customized SMART & SMART-E Bonds (financing for industrial, warehousing, and manufacturing facilities and equipment at very competitive rates and terms)
- • Major Business Expansion Program (low-cost financing for industrial projects up to $25 million)
- • Commercial Loan Insurance (providing access to capital for Maine business)
- • Economic Recovery Loan Program
- • Seed Capital Tax Credit Program
- • Small Enterprise Growth Fund