Issue link: https://nebusinessmedia.uberflip.com/i/1533008
W W W. M A I N E B I Z . B I Z 9 M A R C H 1 0 , 2 0 2 5 F O C U S Straightforward application process-- Meet the requirements, you get the credit Maine Launches New Incentive Program. HOW IT WORKS As of January 1, 2025, Maine offers sector-targeted business credits equal to: 10% capital investment credit- including equipment, machinery, and building construction (5% in York, Cumberland, and Sagadahoc counties) $2,000 per worker provided an eligible training program, including approved private trainings Designed for simplicity: No time limit-- Credits are available every year a business has eligible investment and training, and there is no sunset ELIGIBILITY For profit businesses in Maine Agriculture, forestry and fishing Manufacturing Long-distance freight transportation Software publishing Data processing and computer design services Engineering, architecture, and scientific research and development services Eligible sectors: Limits: Credit capped at $2 million per business per year, can be taken over five years. Up to $500,000 of the credit would be refundable per year. GET IN TOUCH Contact: Shae McGehee Economic Development Incentives Manager DECDTaxIncentives@maine.gov 1-800-872-3838 Visit us at maine.gov/decd/business- development For-profit businesses only L I F E S C I E N C E S / I N N O VAT I O N Maine has 587 life sciences companies, with the industry supporting 9,832 jobs. Earnings average $108,287, according to the Bioscience Association of Maine. S O U R C E : Bioscience Association of Maine TOP SECTORS GROSS DOMESTIC PRODUCT EXPORTS JOB GROWTH PHARMACEUTICALS AND MEDICINE MANUFACTURING R&D IN PHYSICAL, ENGINEERING AND LIFE SCIENCES MEDICAL EQUIPMENT AND SUPPLIES MANUFACTURING MEDICAL DIAGNOSTIC LABS Bioscience companies contribute $2.3 billion to Maine's GDP Bioscience products account for 3.3% of Maine exports Life science jobs have grown 31% in the past 5 years P H O T O / C O U R T E S Y O F P U R I TA N M E D I C A L P RO D U C T S V I A T H E B I O S C I E N C E A S S O C I AT I O N O F M A I N E P H O T O / C O U R T E S Y O F L G C C L I N I C A L D I A G N O S T I C S V I A T H E B I O S C I E N C E A S S O C I AT I O N O F M A I N E P H O T O / C O U R T E S Y O F M D I B I O L A B V I A T H E B I O S C I E N C E A S S O C I AT I O N O F M A I N E P H O T O / C O U R T E S Y O F I M M U C E L L V I A T H E B I O S C I E N C E A S S O C I AT I O N O F M A I N E