Pine Tree Development Zones Program (Maine)
Last modified on February 12, 2015.
|Name||Pine Tree Development Zones Program (Maine)|
|Policy Category||Financial Incentive|
|Policy Type||Corporate Tax Incentive|
|Affected Technologies||Biomass/Biogas, Coal with CCS, Concentrating Solar Power, Energy Storage, Fuel Cells, Geothermal Electric, Hydroelectric, Hydroelectric (Small), Natural Gas, Nuclear, Solar Photovoltaics, Tidal Energy, Wave Energy, Wind energy|
|Program Administrator||Maine Office of Business Development|
| Last Substantive Modification
The Pine Tree Development Zones program offers eligible businesses the chance to reduce, and sometimes eliminate, state taxes for up to ten years. There is a statutory requirement of hiring a minimum of one net new qualified employee. Benefits include the elimination of sales and use tax, corporate income tax credits, and 80% employment tax increment financing. Among the eligible businesses are those in environmental technology. Access to reduced electricity rates is also possible. This powerful tax incentive can be used in conjunction with other available benefits, such as federal tax credits.
|Department||Department of Administrative and Revenue Services|
|Address||PO Box 9107 Augusta, ME|