Monthly Newsletter· October, 2014
What are the benefits of Eligible sectors are: Biotechnology the Pine Tree Zone Aquaculture & Marine Technology Program? by Brian Mulligan, Account Executive Maine Department of Economic & Community Development As one of Governor LePage’s Account Executives at the Maine Department of Economic & Community Development (DECD), I am honored to have the opportunity to work one-on-one with Maine’s job creators to help them support and grow their operations. As I travel and visit with businesses in my region - - which is comprised of Kennebec, Hancock, Somerset, Piscataquis and Washington counties - - I get to see, firsthand, many tremendous Maine companies, meet extraordinary small business owners, witness the fine work of dedicated employees, and observe the quality products and services that are ultimately generated. One of the most important discussion points often centers on the Benefits of Maine’s Pine Tree Development Zone (PTDZ) program. The program is designed to spur economic development and job creation throughout the State of Maine. The PTDZ program provides new and improves existing employment opportunities, broadens the tax base and stimulates the State’s economy through the creation of quality jobs. Maine’s Pine Tree Development Zone (PTDZ) program offers eligible businesses the chance to greatly reduce or virtually eliminate 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. Over 275 Maine businesses were participating in the PTDZ program in 2013, with reimbursements from thousands to hundreds of thousands of dollars for taxes paid on new employees.
Composite Materials Technology Environmental Technology Advanced Technologies for Forestry & Agriculture
Manufacturing and Precision Manufacturing
Financial Services Benefits vary depending on your business sector and location; your business may be eligible for corporate tax credits, sales and use tax exemptions for both personal and real property, withholding tax reimbursements of 80%, and reduced electricity rates. (Some financial sector companies may also be eligible for certain insurance tax credits.) I eagerly stand ready to assist you, or someone you know, with any business-related issue that may present itself. Please do not hesitate to contact me if I can be of assistance. I can be reached at email@example.com or by phone at 624-7457.
Highlights in this Issue: P. 2: From the President’s Chair P. 3: Workforce Development Services at the Waterville Public Library P. 4: Member Events Calendar P. 7: Member News P. 8: Member Spotlight: B&B Embroidery and Ink MMCC Bond Positions By Brad Fisher, Public Policy chair & chair of the board of directors Just around the corner is another election cycle including a new round of Bond questions. It is the general consensus of the Mid Maine Chamber of Commerce that borrowing, which is what bonding is, is generally not a best practice. Although there are times when bonding is essential to the tax payer and the wellbeing of the state; it should be done cautiously after consideration for how the funds will be repaid, determination on whether there is an actual return on investment, and questioning whether there are private funds available for projects seeking bond funding. This year, there are six bond questions and one referendum question on the general election ballet November 4th. The MMCC Public Policy committee has reviewed each bond and come to the following conclusions based on the mission of the Chamber and the information provided. The Mid-Maine Chamber opposes Question 1 as it will have an adverse impact on the hunting industry in Maine. Maine’s tourism economy has strong roots in outdoor activities, including hunting. A “no” vote on this question will help protect those businesses who rely on Maine’s tourism industry. The Mid-Maine Chamber of Commerce supports Question 2 in relation to an $8,000,000 bond to support agriculture, facilitate economic growth in natural resources-based industries. We feel many businesses in our region will benefit and support the University of Maine Cooperative Service as they are also very active in our region in the agriculture and natural resources-based industries.
Special Thanks to (CMD), Central Maine Disposal for its donation to the chamber of all or our trash needs.! Thank you!
The Mid-Maine Chamber of Commerce supports Question 3 in favor of a $4,000,000 bond in funds to insure portions of loans to small business and spur investment. These funds will be distributed through the Finance Authority of Maine to smaller, regional economic development agencies such as KVCOG which in turn work through local banks to provide funding to new and expanding businesses in which they may otherwise not receive. The Mid-Maine Chamber of Commerce will not be taking a position on any of the remaining bond questions as we feel that there is not enough information to either support or oppose those questions.
50 ELM STREET, WATERVILLE, ME 04901 • TEL: (207) 873-3315 • FAX: (207) 877-0087 firstname.lastname@example.org • www.midmainechamber.com Brad Fisher, Chair of the Board • Kimberly N. Lindlof, President & CEO