Economic Incentives & Tax Credits
High impact incentives for small businesses in Maine
Maine has been named the best state in New England to start a business, which is no surprise considering that our state has a long history of entrepreneurship and supporting businesses. “Yankee Ingenuity” runs in our blood, as evidenced by our fifth-generation fishermen and fisherwomen, innovative forest products manufacturers, and advanced biotechnology companies. Maine’s suite of financial incentives and resources for businesses makes relocating, expanding, or starting your business in Maine a smart choice. Plus, Maine recognizes the value and importance of innovation and provides incentives to make it worth your while.
Top tax incentive programs for small and medium-sized businesses in Maine
Maine Seed Capital Tax Credit Program
The Maine Seed Capital Tax Credit Program is designed to encourage equity investments in Maine businesses, directly and through private venture capital funds.
Maine Opportunity Zone
The Opportunity Zones incentive is a community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 (TCJA) to encourage long-term investments in low-income urban and rural communities nationwide.
Maine Renewable Energy Equipment Tax Exemption
Solar and wind energy equipment, except that of industrial power suppliers, is exempt from local property tax. Taxpayers must apply for the credit by April 1 of the first year the exemption is requested.
Pine Tree Development Zone Program (PTDZ)
The Pine Tree Development Zone Program (PTDZ) offers eligible businesses the chance to greatly reduce state taxes for up to ten years when they create new, quality jobs in certain business sectors, or move existing jobs in those sectors to Maine.
Employment Tax Increment Financing (ETIF)
Employment Tax Increment Financing (ETIF) is a state program that helps new and established Maine businesses hire new employees by paying the business 1.35%-3.6% of qualified employee income up to ten years.
Research Expense Tax Credit
In general, R&D tax credits are modeled on federal IRS rules and applied for as part of a company’s state corporate tax return. The credit is based on a percentage of the federal Credit for Increasing Research Activities.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.