Eligible Businesses: |
Any business that hires a minimum of 5 net new employees within a two year period, where those employees are: 1) paid an income that exceeds the average per capita income in the county of employment; 2) provided access to group health insurance, and; 3) provided access to an ERISA qualified retirement program. The business must also be able to provide written documentation that its expansion project will not go forward without ETIF.
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Program Summary: |
ETIF is available to assist in the financing of business investment projects that create at least 5 net new, high quality jobs in Maine. An ETIF-approved business would receive 30, 50 or 75 percent of the state income tax withholdings paid by qualified employees for up to ten years. (Qualifying jobs created in a labor market area where the unemployment rate is at or below the state average earn a 30 percent reimbursement, while those with a higher than average unemployment rate earns 50 percent. In areas where the unemployment rate exceeds 150 percent of the state average, the reimbursement is 75 percent.) The percentage of reimbursement is established for a five-year period based upon the unemployment rate at the time of initial application, and again at the beginning of the sixth year. The amount of annual payment is based upon the actual number of qualified employees above the company's base level of employment. The company may not accrue ETIF benefits for any period of time when employment, wages and/or employee benefits fail to meet the minimum qualification criteria. (Please note that ETIF cannot be taken concurrently with the Jobs & Investment Tax Credit.) |
| Program Valuation Example: |
