Mainebiz

V O L . X X V I N O. X X V I N OV E M B E R 2 , 2 0 2 0 10 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E represented the seller and announced the deal. Drew Sigfridson of the Boulos Co. represented the buyer in Maine. ree stores in Texas were also included. Overall, the deal was worth $9.6 million. e seller was an undisclosed developer; the buyer was an undisclosed institutional investor, Newmark said. "e six Dollar General locations in this portfolio were attractive due to their new construction, long-term leases and investment grade credit," said Matt Berres, managing direc- tor at Newmark. "Dollar General has been one of the retail sector's clear win- ners through the pandemic and remains in strong demand among the most active net lease investors across the U.S." N O T E W O R T H Y C E N T R A L & W E S T E R N The Professional Logging Contractors of Maine in Augusta raised $59,439 for Children's Miracle Network hospitals in Maine as part of its Log A Load for Maine Kids Auction. The auction was held as a virtual event for the first time. Central Maine Power made a $75,000 donation to the Boys & Girls Clubs of the Kennebec Valley to go towards its Great Futures capital campaign to sup- port the construction of a new facility. Fishermen's Forum canceled for 2021 Next year's Maine Fishermen's Forum is still five months out, its board of directors said it will not do the 2021 event because of the pandemic. "ere is no possible way that we can pro- tect our forum participants in such a tight environment, due to COVID- 19 and required safety restrictions," Steve Train, a lobster fisherman and president of the forum's board of directors, wrote in an Oct. 21 letter to commercial fishermen and posted to the forum's website. At this point, the board intends to stick with the 2022 conference, which is scheduled for March 3-5. e free, three-day forum, is typically held at the Samoset Resort in Rockport during the first weekend of March, before the traditional lobster fishing season gears up. It is the largest event of its kind in New England. N O T E W O R T H Y M I D C O A S T & D O W N E A S T The Northern Border Regional Com- mission in partnership with the U.S. Economic Development Administra- tion awarded the town of Searsport a total of $911,190 to upgrade a wastewater treatment facility and im- prove water quality. MDI Biological Laboratory in Bar Harbor announced that it received a grant of $3.14 million over five years from the National Institute of Diabetes and Digestive and Kidney Diseases, an institute of the National Insti- tutes of Health, for the development of artificial kidney tissue to replace human kidney tissue that is lost to disease or injury. Maine Community Foundation in Ellsworth said its Community Broad- band Grant Program awarded a total of $117,793 in grants to 13 communities across Maine. The program aims to increase the number of Maine people, communities and businesses with ac- cess to high-speed internet service and improve skills, knowledge and opportu- nity to effectively use the technology. Brooklin Boatyard in Brooklin an- nounced that its Jim Taylor 44-foot coastal racing/day boat is currently in the process of being built. The boat draws its lineage directly from previous Jim Taylor 49-footers Dreadnought, Blackfish and Rascal. The Bigelow Laboratory for Ocean Sciences in East Boothbay received a total of $878,514 to conduct research on a new simple, low-cost method of detecting harmful toxins in mussels. The funding, of which $164,078 is slated for fiscal year 2020, was award- ed through the National Oceanic and Atmospheric Administration's National Center for Coastal Ocean Science. Aroostook manufacturer seeing surge in demand A manufacturer of formed metal prod- ucts with a plant in Presque Isle has seen demand for one of its medical devices surge as a result of the pandemic. Acme Monaco Corp. is on track to produce 4 million of its medical guidewires this year, up from 3 million in 2019. e prod- ucts are used in a range of medical prod- ucts, from braces to catheters.To keep up with demand, the company is seeking to hire about 35 employees across its three plants. In Presque Isle, it has about 50 employees but typically has 75. Acme Monaco was founded in 1947 in New Britain, Conn., and opened its Presque Isle manufacturing facility in 1989. N O T E W O R T H Y N O R T H E R N & E A S T E R N Katahdin Bankshares Corp., parent company of Katahdin Trust Co. in Houlton, announced third-quarter earn- ings of $2.45 million or 75 cents per common share. Total assets reached $939.2 million. B I Z M O N E Y How working remotely might affect your taxes B y M a u r e e n M i l l i k e n T he Maine Department of Administrative and Financial Services has offered guidance and will introduce legisla- tion in January to help residents and businesses avoid tax problems that could arise from unplanned remote working during the pandemic. That's a risk particularly regarding work for out-of-state businesses. "Maine people who have been able to work remotely, along with the businesses that have encouraged and supported teleworking efforts, are doing their part to protect us from the spread of this dangerous virus," Gov. Janet Mills said. Kirsten Figueroa, commissioner of the Department of Administrative and Financial Services, said that the moves by the Mills administration "remove many unknowns for those who have found themselves up against tax policy that was not developed with a pandemic in mind." Remote working for out-of-state company In the case of Maine residents who worked from home during COVID-19 but who otherwise work out-of-state for an out-of- state employer, the Mills administration will introduce legisla- tion in January to ensure the workers avoid double taxation. The legislation will ask that a tax credit be allowed for income tax paid to other jurisdictions if the other jurisdiction is asserting an income tax obligation for the same income, despite the employee no longer physically working in that jurisdiction because of COVID-19. Mills has also instructed Maine Revenue Ser vices to use its administrative authority to allow Maine residents who, because of the pandemic, work remotely for an out-of-state com- pany to maintain the same with- holding and estimated tax pay- ment status used before the state of emergency. She has also instructed Maine Revenue Services to use its administrative authority to abate penalties, upon request, for any Maine resident taxpayer who owes an estimated income tax payment as a result of suddenly working in Maine as a result of the COVID-19 state of emergency. Out-of-state businesses with Maine remote workers Maine Revenue Services also said that out-of-state busi- nesses not otherwise subject to tax in Maine, but that have employees who worked or are working at home in Maine as a result of COVID-19, don't necessarily have to establish cor- porate income tax or sales and use tax nexus in the state. One or more employees teleworking in Maine as a result of COVID-19 is not by itself grounds for the nexus. It is also extending the 2019 Maine filing deadlines for cor- porate income tax returns (Form 1120-ME) and franchise tax returns (Form 1120B-ME) to Nov. 16, with no late filing penalties. The business-related actions are in keeping with the statutory authority for administrative action by the state tax assessor, the state said. The state has offered guidance to help avoid tax problems that could arise from unplanned remote working during the pandemic M I D C O A S T & D O W N E A S T N O R T H E R N & E A S T E R N

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