Business Facilities - January 2008 - (Page 12) and a competing site in another state, eliminating the difference. The sites under consideration must be valid and viable for the proposed operations, and the competing site must offer comparative advantages equal to or greater than the comparative advantages offered at the Louisiana site. The INDUSTRY ASSISTANCE PROGRAM provides a tax exemption when manufacturers and their contractors give preference and priority to Louisiana manufacturers or Louisiana suppliers, engineers, contractors and labor, except where not reasonably possible to do so without added expense or substantial inconvenience. MAINE THE PINE TREE DEVELOPMENT ZONE PROGRAM is a performance-based tax incentive initiative. Its benefits include a 100% refund of corporate income tax and insurance premium tax for five years, a 50% refund for an additional five years, a return of 80% of the state income taxes withheld for net new employees through Employment Tax Increment Financing, 100% sales and use tax exemption on equipment purchases, 100% sales and use tax reimbursement on construction materials, local option Tax Increment Financing, and reduced electric rates. THE BUSINESS EQUIPMENT TAX REIMBURSEMENT PROGRAM reimburses all local property taxes paid on production machinery and equipment for up to 12 years, less any number of years for which a High-Technology Investment Tax Credit was claimed. The MAINE TECHNOLOGY INSTITUTE provides research and development money to companies and non-profit research organizations to support the commercialization of new technology-related products and services. EMPLOYMENT TAX INCREMENT FINANCING (ETIF): If a for-profit, non-retail, nonutility business is adding a minimum of five net new Maine jobs within a two-year period, it may be eligible for ETIF. Under the program, businesses are reimbursed up to 80% of their new employees’ Maine income tax withholdings for up to 10 years. To qualify, new employees must be paid a wage 12 JANUARY 2008 above the county’s average per-capita wage, and be provided access to group health insurance and a qualified retirement program. RESEARCH EXPENSE TAX CREDIT: Businesses engaged in research and development activities in Maine are eligible for this tax credit. Such expenses include certain in-house and contract research expenses if they relate to discovering information that is technological in nature and intended for use in developing a new or improved business component. The credit is based on a percentage of the federal Credit for Increasing Research Activities. MARYLAND The BIOTECHNOLOGY INVESTMENT TAX CREDIT PROGRAM provides income tax credits equal to 50% of an eligible investment made in a qualified Maryland biotechnology company during the taxable year. The maximum amount of the credit cannot exceed (1) $50,000 for individual investors; and (2) $250,000 for corporations and qualified Maryland venture capital firms. RESEARCH AND DEVELOPMENT TAX CREDIT: Businesses that incur qualified research and development expenses in Maryland may be entitled to Maryland R&D tax credits. There are two credit types. One of those is the Basic R&D tax credit, which is a credit for 3% of eligible R&D expenses that do not exceed the firm’s average R&D expenses over the last four years. The other R&D credit is the Growth R&D Tax Credit, which is a credit for 10% of eligible R&D expenses that exceed the firm’s average R&D expenses over the last four years. BROWNFIELDS REVITALIZATION INCENTIVE PROGRAM (BRIP): A site that qualifies for remediation assistance from BRIP must be located in a jurisdiction that has elected to participate in the BRIP, must be owned by an inculpable person, and participate in the Maryland Department of the Environment’s Voluntary Cleanup Program. A site certified by the department as a “qualified brownfields site” can receive a real property tax credit between 50% and 70% of the new increment of taxes on the increased value of the site for five years after cleanup of the site. In an Enterprise Zone, the tax credit may last for up to 10 years. PROCUREMENT TECHNICAL ASSISTANCE PROGRAM is a program of the Maryland Small Business Development Center Network (SBDC) designed to help small and minority businesses identify, bid, and perform on government prime and sub-contracts. The Maryland Department of Business and Economic Development and the Defense Logistics Agency of the U.S. Department of Defense fund this program in cooperation with the SBDC and the University of Maryland College Park. ONE MARYLAND INCOME TEX CREDITS: Businesses can qualify for up to $5.5 million in income tax credits under this program. MASSACHUSETTS THE ECONOMIC DEVELOPMENT INCENTIVE PROGRAM is a three-way partnership between the state, a municipality with an Economic Target Area, and a growing company. The company and the municipality must agree to a tax exemption schedule on future incremental real property taxes (a local tax reduction), after which the company obtains state approval for a 5% investment tax credit (a state income tax reduction). The duration of this incentive may range from five to 20 years. THE JOHN ADAMS INNOVATION INSTITUTE FUND: This $15 million fund supports regional technology-based economic development initiatives across the commonwealth. Grants are provided to public and not-forprofit organizations to enable them to undertake initiatives that are intended to create and maintain a favorable environment for the establishment, attraction, retention and expansion of technology-intensive businesses. THE PROJECT AWARD PROGRAM is open to new and unique technology-based economic development projects that will enhance the competitiveness of a specified technology sector within a given region. Award amounts up to $500 million are available. Infrastructure Grants up to $2 million are available as well RLF FIXED RATE PROGRAM: For Massachusetts companies that recycle construction and demolition debris or organic waste, fixed rates as low as 4% are available on loans from $50,000 to $500,000. The RLF Fixed Rate
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