Business Incentives
Now is the time to start a business in the Katahdin Region. Due to the unemployment rates in the area, there are incredible business incentives available. We have been designated as one of the eight State of Maine "Pine Tree Zones." This is an aggressive combination of tax incentives designed to compete with other states and spur economic development in targeted regions of the state.
A few of these incentives include the following:
- Employment Tax Increment Financing (TIF) that returns 80% of the state income tax from qualified new employees for up to 10 years.
- 100% refund of corporate income tax for 5 years and 50 % of the next 5 years.
- 100% sales and use tax exemption for construction materials and equipment purchases.
- Reduced electricity rates.
- Plus more!!!!
Capital Investment
Some very exciting regional development initiatives would benefit from interested investors. Most of these projects involve alternative energy sources because the cost of fuel and electricity is prohibitive these days. For example, work is progressing on the Katahdin Energy Commons, an eco- industrial park that produces energy from biomass generators and steam that will serve seven key industries at a very low energy cost.
For more information on these initiatives, visit the Millinocket Area Growth and Investment Council website or contact:
Bruce McLean
Executive Director
PO Box 1122
Millinocket, ME 04462
Phone: 207-723-7800
Fax: 207-723-7804
Email: bruce@magic-region.com