From the Governor
“It’s time for a new direction—with bold and forward-looking proposals that will jumpstart economic growth. My economic action plan [supports] small businesses, developing our workforce, welcoming home Mainers to live and work here again and rebuilding our rural communities.” —Gov. Janet Mills
Progress in the Pine Tree State
The Pine Tree State has been trying to improve its economy by expanding its manufacturing sector and seeking new opportunities. Port activity has grown in the past several years in Portland since Icelandic shipping company Eimskip established operations here in 2013. Vets First Choice, Tyler Technologies, IDEXX Laboratories and Nordic Aquafarms have established or expanded operations in the state in the past year.
Major Business Headquarters Extension Program: Offers a credit against the tax due for the taxable year in an amount equal to 2% of the qualified investment for a period of up to 20 years.
Maine Seed Capital Tax Credit Program: Offers state income tax credits to investors for up to 50% of cash equity they invest in eligible Maine businesses.
Maine Technology Asset Fund (MTAF): Offers bond money to be distributed to qualified Maine projects focused on investments in R&D and commercialization for infrastructure, equipment and technology upgrades that enable organizations to grow.
Technology Tax Credits: Offers significant credits and tax exemptions for everything from electricity to specialized equipment purchases related to R&D.
Maine Department of Economic & Community Development: maine.gov/decd
Maine & Co.: mainco.org
Maine Development Foundation: mdf.org
Greater Portland Economic Development Corp.: gpedc.org
Choose Bangor, Maine: choosebangor.com
Highlighted Program or Initiative
FocusMaine aims to increase prosperity in the state by creating quality jobs in sectors with high-growth potential, including agriculture, aquaculture and biopharmaceuticals.
- Vets First Choice announced it will build a $20 million corporate facility in Portland in February 2018 with an automated fulfillment center, state-of-the-art specialty pharmacy and a STEM center.
- Tyler Technologies opened in February 2018 a $25 million, 95,000-square-foot campus expansion in Yarmouth.
- IDEXX Laboratories broke ground in May 2018 on a $62 million expansion of its facilities in Westbrook.
- Norwegian aquaculture company Nordic Aquafarms announced it will construct a $500 million salmon farm in Belfast.
TD Bank, N.A.
Pratt & Whitney Aircraft Group
Bath Iron Works
“I’ve been a part of the Portland business community for the past 30 years, and I’ve watched our great city evolve and grow. With this new building, we’re making it clear we plan to evolve and grow with the city.” —David Shaw, Co-founder and Chairman, Vet First