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Maine
Resources Page
The Attraction of Enterprise Zones: Tax Benefits and Incentives for BusinessesLocating a business in a designated enterprise zone can often provide incentives unavailable in other areas. But the incentives offered are beginning to change — and there may be tradeoffs that could devalue the financial advantages More |
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Maine
At A Glance
POPULATION:
1,317,207 (2007)
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
Department of Economic and Community Development:
o Employment Tax Increment Financing (ETIF)
o Governor's Training Initiative
o Pine Tree Development Zones
o Tax increment financing
Maine Revenue Services:
o Business Equipment Tax Reimbursement Program (BETR)
o Business Equipment Tax Exemption Program (BETE)
o Clean Fuel Tax Credit
o Employer-Assisted Day Care Credit
o Employer-Provided Long-Term Care Benefits Credit
o High-Technology Investment
Tax Credit o Jobs and Investment Tax Credit (JITC)
o Research Expense Credit
o Super R&D Credit
Maine Technology Institute:
o Development awards
o Seed grants
o Cluster enhancement awards
o Accelerated Commercialization Fund
o SBIR/STTR Phase 0-Small Business Innovation Research and Small Business Technology Transfer
o Maine Technology Asset Fund
Maine Community College System:
o Maine Quality Centers (specialized technical training for workers in new or expanding business)
Finance Authority of Maine:
o Customized SMART & SMART-E Bonds (financing for industrial, warehousing, and manufacturing facilities and equipment)
o Major Business Expansion Program (low-cost financing for industrial projects up to $25 million)
o Commercial loan insurance
o Economic Recovery Loan Program
o Seed Capital Tax Credit Program
o Small Enterprise Growth Fund
LABOR FORCE: 704,693 (2007)
RIGHT TO WORK: NoTRADITIONAL INDUSTRIES: Forest products, agriculture, textiles, fishing
EXPANDING INDUSTRIES: Biotechnology, composite materials, financial services, high-tech electronic manufacturing, marine science technology, information technology, environmental technologyCOLLEGE GRADUATES: (Age 25 and over) 25.4% (2006)
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 servicesProperty Tax: Real and personal property is taxed locally at varying rates
BUSINESS INCENTIVES:Department of Economic and Community Development:
o Employment Tax Increment Financing (ETIF)
o Governor's Training Initiative
o Pine Tree Development Zones
o Tax increment financing
Maine Revenue Services:
o Business Equipment Tax Reimbursement Program (BETR)
o Business Equipment Tax Exemption Program (BETE)
o Clean Fuel Tax Credit
o Employer-Assisted Day Care Credit
o Employer-Provided Long-Term Care Benefits Credit
o High-Technology Investment
Tax Credit o Jobs and Investment Tax Credit (JITC)
o Research Expense Credit
o Super R&D Credit
Maine Technology Institute:
o Development awards
o Seed grants
o Cluster enhancement awards
o Accelerated Commercialization Fund
o SBIR/STTR Phase 0-Small Business Innovation Research and Small Business Technology Transfer
o Maine Technology Asset Fund
Maine Community College System:
o Maine Quality Centers (specialized technical training for workers in new or expanding business)
Finance Authority of Maine:
o Customized SMART & SMART-E Bonds (financing for industrial, warehousing, and manufacturing facilities and equipment)
o Major Business Expansion Program (low-cost financing for industrial projects up to $25 million)
o Commercial loan insurance
o Economic Recovery Loan Program
o Seed Capital Tax Credit Program
o Small Enterprise Growth Fund
SPONSOR PROFILES:
