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The Pine Tree Development Zone program (PTZ) offers eligible businesses the chance to greatly reduce, or virtually eliminate, state taxes for up to 10 years when they create new, quality jobs in certain business sectors, or move existing jobs in those sectors to Maine. Depending on the business sector and location, a 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. Maine Department of Economic and Community Development Commissioner George Gervais has described it as the “state's go-to program for helping incentivize new private investment and the creation of new quality jobs here in Maine.” But an independent review by the Office of Program Evaluation and Government Accountability, in a report released last fall, concluded that inadequate data makes it virtually impossible to determine if the program is working as intended. Lawmakers are considering renewing the program, which otherwise will stop issuing new certifications at the end of this year.
Do you support a continuation of the Pine Tree Development Zone program?