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Pine Tree Development Zones (PTZ)

Eligible Businesses:
Any business located within a designated Pine Tree Zone, engaged in a qualified business activity. Qualified activities are defined as: Financial Services; Manufacturing; and Targeted Technologies including forestry & agriculture, aquaculture and marine technology, biotechnology, composites material technology, environmental technology, information technology, and precision manufacturing Qualifying businesses must provide "quality jobs" that provide the opportunity to receive retirement and health benefits. Jobs must pay wages greater that the labor Market Area average, $11.12/hr.
Program Summary:
The 2003 budget includes text creating Pine Tree Development Zones for the purpose of encouraging development in economically distressed areas in order to: provide new employment opportunities; improve existing employment opportunities; improve and broaden the tax base; and improve the general economy of the State.

Benefits & incentives available to qualified businesses within the zones include: 100% sales tax exemption for building materials and all tangible personal property; 100% state income tax credit for the first 5 years of operation followed by 50% state income tax credit for the next 5 years of operation; ETIF equal to 80% of employees' state income tax withholdings for 10 years; TIF districts established in zones are excluded from municipal area and original assessed value limitations.

Click here to read about State PTZ.

Program Valuation Example:
Investment Assumptions
Total Jobs Created
45
Wage Ranges
$12.50/hr to $16.00/hr
Average Salary
$29,500
Building Materials Investment
$350,000
Personal Property Investment
$75,000
Taxable Income
$500,000
ROI & Program Valuation
State Income Tax Credit / yr - FY 1-5
$41,742
State Income Tax Credit / yr - FY 6-10
$20,871
ETIF / yr
$42,480
Building Materials Tax Credit
$17,500
Personal Property Tax Credit
$3,750
 
 
Total Value of PTZ Benefits:
$759,115

 

 

 



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