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The Attraction of Enterprise Zones: Tax Benefits and Incentives for Businesses

Mark Crawford (Nov 08)
Locating 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: 1,316,456

LABOR FORCE: 706,829

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) 25.9% (2007)

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)
  • • Business Equipment Tax Exemption Program (BETE)
  • • 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:
  • • Seed Grant Program
  • • Development Award Program
  • • Cluster Initiative Program
  • • Accelerated Commercialization Fund
  • • SBIR/STTR Phase 0 Proposal Assistance Program
  • • Maine Technology Asset Fund
    Maine Community College System:
  • • Maine Quality Centers (specialized technical training for workers in new or expanding business)
    Finance Authority of Maine:
  • • Secondary market taxable & tax-exempt bonds
  • • Major Business Expansion Bond Program
  • • Commercial Loan Insurance Program
  • • Economic Recovery Loan Program
  • • Energy Conservation Loan Program
Maine Chart
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