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Incentives

Financial

WBRC MaineIn a global marketplace, your business needs to stay ahead of the curve to remain competitive.  Companies in Bangor have access to a number of state and local financing options.  We can help assemble the package of programs best suited for your project.

Pine Tree Development Zones

Pine Tree Development Zones (PTDZ) offer eligible businesses a powerful combination of tax incentives, as well as access to reduced electrical rates.  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.
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Training

Maine is a leader in developing programs and training initiatives that meet business demands for a highly skilled, technical workforce. Employers praise the State's customized approach, which includes broad-range training, reimbursement, and apprenticeship programs. From covering the cost of training for new employees to partially reimbursing training costs for upgrading skills to providing on-the-job and classroom instruction, Maine strives to help companies have the best employees possible.  Eastern Maine Community College in Bangor has a long track record of developing customized and innovative training programs for businesses.

Maine Quality Centers

Under this program, businesses or a group of businesses adding at least eight new full-time jobs can receive customized recruitment and training designed to employer specifications.

Maine Apprenticeship Program

This innovative program works with employers to cover the cost of on-the-job and classroom training that will produce more qualified employees.

Governor’s Training Initiative

The Governor’s Training Initiative provides funding for businesses locating or expanding in Maine for training.  Eligible businesses can receive reimbursements for many types of training including on-the job, safety and technical training.
 

Research and Development Programs

The State of Maine has a variety of coordinated programs to help start-ups and existing businesses, making it one of the most nurturing environments to grow an entrepreneurial company.  Most of these programs are available to companies in one the state’s seven targeted technology sectors:

  • Advanced Technologies for Agriculture and Forestry
  • Aquaculture and Marine Technology
  • Biotechnology
  • Composite Materials
  • Environmental Technology
  • Information Technology
  • Precision Manufacturing
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