ECONOMIC DEVELOPMENT

Tax Incentive Programs in Bridgton

Maine Seed Capital Tax Credit Program

http://www.famemaine.com/business/equityCapital_MaineSeedCapitalTax.asp

 The Seed Capital program is focused on providing incentives for investments in young Maine companies.  The Financial Authority of Maine (FAME) may provide income tax credits to investors for up to 60% of the cash equity they provide to eligible businesses.

 Eligible business must meet the following requirements:

·         Investors must own less than an aggregate of 50% of the business;

·         Annual gross sales of less than $3 million;

·         Be a manufacturer;

·         Provide goods or services with 60% of sales derived from outside the State or to out-of-state residents;

·         Develop or apply advanced technologies;

·         Bring significant permanent capital into the State.

Business Equipment Tax Reimbursement Program

http://www.maine.gov/revenue/taxrelief/betr.htm

 The state of Maine will reimburse qualified businesses for 100% of their local property taxes, for up to 12 years, paid on business equipment.

 Eligible equipment includes any property held strictly for business use. Taxes paid on land or buildings or attachments used to serve the building are not eligible.

Pine Tree Development Zones

http://www.mainebiz.org/why_maine/pine_tree_zones.asp

 Is a state program that provides businesses located in Pine Tree Zone the opportunity to have their state taxes significantly reduced or eliminated for up to ten years.

 To be eligible a business must create new jobs that conform with the state guidelines and must be operating in one of the following industries:

• Manufacturing (including precision manufacturing technology_
• Financial services
• Biotechnology
• Aquaculture and marine technology
• Composite materials technology
• Environmental technology
• Advanced technologies for forestry and agriculture
• Information technology

Bridgton currently has over 90 acres of pine tree zone.

Tax Incremental Financing (TIF)

http://www.mainebiz.org/business_assistance/tif.asp

 A TIF is a defined district within a community that allows a municipality to set aside the value of any new development property taxes and reinvest it back into the district.

 This allows towns to provided needed infrastructure including sewer, road improvements, sidewalks etc.  

Employment Tax Incremental Financing (ETIF)

http://www.mainebiz.org/business_assistance/etif.asp

 Companies expanding in Maine may qualify to receive assistance in the financing of business investment projects that create at least 5 new, high-quality jobs. Approved businesses may be reimbursed 30%-75% of the state income tax withholdings from the net new payroll for up to ten years. In addition, companies located Pine Tree Development Zones, companies in the manufacturing, financial services or specific technology sectors, maybe eligible for a reimbursement of up to 80%.

Technology Tax Credits

http://www.mainebiz.org/business_assistance/tech_tax_credits.asp

 The State has several tax credit programs targeted specifically to the technology industry. These include:

• Research Expense Tax Credit
• Super Research and Development Credit
• High-Technology Investment Tax Credit

Micah Niemy
Economic and Community Development Director
ecodevdir@bridgtonmaine.org
Town of Bridgton
3 Chase Street, Suite 1
Bridgton, ME 04009
Tel. (207) 647-8786
Fax (207) 647-8789