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Pine Tree Development Zones:
 
***Summary of the recent legislative changes concerning the Pine Tree Development Zones***
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. Pine Tree Development Zone (PTDZ) program offers eligible businesses the chance to greatly reduce or virtually eliminate state taxes for up to ten years. Our goal is to create: • In targeted industries (see next section)
• In targeted geographic areas with high unemployment and low wages. The Zones offer 30,000 acres in over 100 communities.
We work with expanding businesses, start-up businesses and businesses relocating to Maine who employ anywhere from one to hundreds of people. Eligible Sectors • 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
Eligible Locations 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. Benefits Depending on the level of new qualified business activity conducted in a PTDZ, starting with the statutory requirement for hiring a minimum of one net new qualified employee, the tax burden of qualified businesses may be reduced through exemptions, reimbursements, and credits: Contact Contact Judith Bielecki at (207) 624-7457 for general zone information. |
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