Maine continues to take steps to position itself as a more business-friendly State. It appears to be working. In the past five years, businesses have invested more than $4 billion in the state of Maine. Gov. John Baldacci has been successful in establishing several business tax incentive programs. Additionally, he spearheaded a $60 million economic development bond package which was overwhelming passed by voters. Other resources available to businesses operating in Maine include:
The Finance Authority of Maine (FAME) which is an independent State agency that offers more than 20 financing programs, including the Small Enterprise Growth Fund – providing up to $500,000 in capital to small businesses – and the Maine Seed Capital Tax Credit Program – providing income tax credits to qualified investors in Maine business.
Business Taxes: Maine offers exceptional Tax Reimbursement programs for qualified businesses. For example, qualified property placed in service after April 1, 1995, is eligible for a full State reimbursement for a maximum of 12 years. Eligible property includes any machinery and equipment used exclusively for business purposes, except office furniture and lighting fixtures. This State reimbursement program, when linked with a complementary municipal Tax Increment Financing (TIF) package, has the potential to reduce total property tax expenses on all new investment to zero over the initial twelve year legislated life of the program.
Venture Capital: Maine has a range of public and private venture funds ready to provide companies with critical financing. An example is the Maine Investment Exchange (MIX) which provides regularly scheduled forums to bring together providers of risk capital with qualified entrepreneurs seeking capital. Presenting companies are pre-selected through an application process and are provided with an opportunity to make a brief formal presentation to an audience of investors and an opportunity for networking.
Interested in doing business in Maine, or Incorporation visit us at IncPardise.com or call at 888-284-3821