***PLEASE NOTE LEGISLATIVE CHANGES AND RULEMAKING INFORMATION***
History
In the Fall of 2004 eight zones were designated - Aroostook County, Androscoggin Valley, Downeast, Kennebec Valley, Midcoast, Penobscot Valley, PenQuis and Southern Maine. In 2005, additional acreage was provided for the Maine Indian Tribes. In 2006 the legislature established the Military Redevelopment Zone and a waiver for certain industrial sites thereby opening up more eligible locations.
The initiative supports new “qualified business activity” in Maine by offering manufacturers, financial service businesses and targeted technology companies the chance to greatly reduce, or in some cases, virtually eliminate state taxes for a period of time that may be up to ten years.
Effective September 20, 2007, a for-profit business engaged in the business of manufacturing anywhere in the State of Maine, meeting the qualifying criteria of the legislation, is also eligible for Pine Tree Zone benefits.
**SEE TO APPLY SECTION FOR DETAILED INFORMATION***
The initiative supports new “qualified business activity” in Maine by offering manufacturers, financial service businesses and targeted technology companies the chance to greatly reduce, or in some cases, virtually eliminate state taxes for a period of time that may be up to ten years.
Legislative Intent
The PTDZ initiative is intended to encourage and reward the creation of new qualified business activity, with its accompanying employment and investment in property, in economically distressed areas of Maine.
• The tax benefits are tied to the qualified business activity of a qualified business operating in a PTDZ location, i.e. investments in property and payroll that would not have occurred but for the initiative and that constitute an overall gain to the business and the Maine economy.
• The initiative is not intended to provide tax benefits for simply shifting already existing business activity from outside a PTDZ location to inside a PTDZ location.
Documents
* Statute (Text current through July 30, 2005)
(Being revised to incorporate legislative changes)
* Rule (Eff. November 19, 2005)
(Being Revised in Summer/Fall of 2007 to incorporate legislative and program changes)
Contact
Contact
Judith Bielecki at (207) 624-7457 for general zone information.
