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
