Eligible Businesses: |
Any business located within the Round III, Federally designated Rural Empowerment Zone, in Aroostook County can take advantage of wage credits and tax exempt bonds.
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Program Summary: |
In January of 2002, parts of Aroostook County were designated as the Aroostook County Empowerment Zone (ACEZ). The empowerment zone program was created in the early 1990s by the federal government to aid communities by providing opportunities for growth and revitalization. Today, the ACEZ is one of only 10 rural empowerment zones in the country. Over the course of the next several years, area businesses, organizations, and citizens will be called upon to work together to revitalize northern Maine through this and other programs.
Round III rural zones can each issue up to $60,000,000 in "new bonds" to finance zone facilities in addition to Round I type tax exempt bond. Round III "new bonds" are not subject to private activity bond volume caps or the special limits on issue size applicable to Round I type issues.
A 20% tax credit for the first $15,000 in wages paid to a qualified employee (for a tax credit of up to $3,000 per employee) is afforded businesses within the zone.
Businesses are allowed additional Section 179 expensing u p to $35,000 under Internal Revenue Code 26 U.S.C. § 179.
Read more about the program here.
Read more about the federal tax incentive here.
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