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Pine Tree Zone Incentives Program
In addition to existing incentive programs, such as business equipment tax reimbursement, job training, and financing programs, qualified new and expanding businesses have access to:
- An enhanced ETIF (Employment Tax Increment Financing) program that returns a company 80% of the state income tax withholdings of 5 or more net new qualified employees for up to ten years;
- A 100% refund of corporate income tax and insurance premium tax for years one through five, and 50% for years six through ten;
- A local option TIF (Tax Increment Financing) that may return some or all of the new property taxes to a company and will not be counted against a municipality’s existing TIF area and value caps;
- Reduced electricity rates, as requested by Central Maine Power Company, Bangor Hydro Company and Maine Public Service Company, and approved by the Public Utilities Commission; and
- A 100% sales and use tax exemption for zone-related construction materials and equipment purchases.
All Pine Tree Development Zone benefits can be "layered" over other available benefits:
- Municipal TIF's
- Community Development Block Grants
- Maine Technology Institute Seed Grants
- Maine Seed Capital Tax Credit
- Maine Small Enterprise Growth Fund
- Federal New Markets Tax Credit
Eligible Businesses. Eligible businesses include firms engaged in manufacturing, financial services, and Maine’s seven targeted technology sectors: biotechnology, aquaculture and marine technology, composite materials technology, environmental technology, advanced technologies for forestry and agriculture, information technology and precision manufacturing technology.
For a listing of qualified Pine Tree Zone sites in Somerset County, click here.
For more information please contact us by email or phone 207- 474-0166.
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41 Court Street
Skowhegan, Maine 04976
(207)474-0166
fax (207)474-0465
