In a global marketplace, your business needs to stay ahead of the curve to remain competitive. Companies in the Bangor Region have access to a number of state and local financing options. Bangor Region Development Alliance can help assemble the package of programs best suited for your project, through our site selection and relocation services program, Mainegateway.
Pine Tree Development ZonesPine Tree Development Zones (PTDZ) offer eligible businesses a powerful combination of tax incentives, as well as access to reduced electrical rates from the two major utilities in our region, Bangor Hydro and Central Maine Power. Primary benefits include:
Corporate Income Tax Credit (100%, Years 1-5; 50%, Years 6-10): the tax credit benefit derives from net new PTDZ payroll and property as a percentage of all Maine payroll and property;
Insurance Premiums Tax Credit (100%, Years 1-5; 50%, Years 6-10): the tax credit benefit derives from net new PTDZ payroll and property as a percentage of all Maine payroll and property; (only applies to Financial Services sector)
Income Tax Reimbursement (80%, Years 1-10): the tax reimbursement benefit derives from employee income taxes withheld for net new jobs created;
Sales and Use Tax (100% Personal Property Exemption, Years 1-10): the tax exemption benefit, effective the later of July 1, 2005 or date of certification, derives from the qualified business paying no tax on all new tangible personal property purchases for its qualified business activity;
Sales and Use Tax (100% Real Property Reimbursement, Years 1-10): the tax reimbursement benefit, effective the later of July 1, 2005 or date of certification, derives from paying no tax on all new tangible property purchases that are to be physically incorporated in, and become a permanent part of, real property of a qualified business and used in its qualified business activity
Tax Increment Financing (TIF)Tax increment financing provides municipalities with a local tool to finance the cost of private development. Bangor Region municipalities may redirect some or all of the new property taxes from an investment project within a designated district to assist in that project's financing.
Employment Tax Increment FinancingIn the ETIF program, eligible businesses are reimbursed up to 80% of their new employees' Maine income tax withholdings for up to 10 years. New employees must receive an annual income greater the county's average per-capita income, and be provided access to group health insurance and a qualified retirement program.
Community Development Block Grant Program (CDBG)Municipalities may apply for grants to assist a business with funds infrastructure, fixed assets or working capital that will lead to the creation of jobs available to Maine residents with low to moderate incomes
Finance Authority of Maine (FAME)FAME is an independent state agency that offers more than 20 financing programs, including the Maine Seed Capital Tax Credit Program - providing income tax credits to qualified investors in Maine businesses.
Small Enterprise Growth FundSmall Enterprise Growth Fund provides patient venture capital to small Maine businesses that demonstrate a potential for high growth and public benefit.