To help business owners take advantage of Greater Portland’s entrepreneurial spirit, GPEDC offers a targeted set of business-friendly incentives:
Tax Credits & Reimbursements
We’re paving the way for your business’ success with tax credits and exemptions.
Employment Tax Increment Financing (ETIF)
Employment Tax Increment Financing assists in the financing of business investment projects that create at least five net new, high quality jobs in Maine. An ETIF-approved business may be reimbursed 30, 50, or 75 percent (80 percent in Pine Tree Zones) of the state income tax withholdings from the net new payroll for up to ten years.
Tax Increment Financing (TIF)
A Tax Increment Financing (TIF) District is an area within a municipality that is designated as a development district to allow the municipality to financially support a business development project. The municipality may disburse the tax increment directly to the investing business to help pay project costs, use it to retire bonds it issues as part of the project, or retain it for allowable economic development purposes.
Technology Tax Credits
Maine has several tax credit programs specifically designed to encourage the growth of technology companies in the state. They are:
- The Research Expense Tax Credit
- The R&D Super Credit
- The High-Technology Investment Tax Credit
Jobs and Investment Tax Credit
The Jobs and Investment Tax Credit is the federal credit amount based on investment in qualified property. Eligible businesses include any business, other than a public utility, that invests at least $5 million in a taxable year in qualifying types of personal property in Maine and creates 100 new jobs over the ensuing two-year period.
Sales Tax Exemptions
Maine state sales tax exemptions are available for manufacturing, R&D, custom computer programming, fuel & electricity, biotechnology, and clean fuel vehicle sales.
Sales and Use Tax Exemption
This benefit derives from paying no tax on construction materials and equipment purchases.
Sales and Use Tax Reimbursement
The tax reimbursement benefit, effective date of certification, derives from paying no tax on all new tangible property purchases that are to be physically incorporated in, and become a permanent part of, real property of a qualified business and used in its qualified business activity.
Technology & Development Grants
Maine Technology Institute can help your business to get the start it deserves. Since 1999, MTI has funded innovative technologies across the state to help accelerate commercial success in Maine’s technology sectors. An industry-led, publicly funded, non-profit corporation, MTI offers early-stage capital and commercialization assistance in the form of competitive grants, loans, and equity investment for research, development, and application of new technologies and products, processes, and services.
MTI has funded innovative technologies in the following sectors: biotechnology, composites and advanced materials, environmental technologies, forest and agriculture products, information technology, marine technology and aquaculture, and precision manufacturing.
Learn more by visiting the Maine Technology Institute website.
Get up and running fast.
The Finance Authority of Maine (FAME) offers several financing options that provide commercial grade credits with access to attractive interest rate structures. The State of Maine, City of Portland, and the region offer a variety of direct loans intended to help businesses in certain industries or to help further the environmental goals of the state.
Learn more about FAME’s innovative financing options.