Much like the weather we lately have been experiencing, the business climate in Maine can be difficult.
Companies doing business in this state face numerous obstacles, from energy costs to workforce. These factors make both business attraction and business expansion challenging.
Consequently, the business wins we’ve had in Maine have been hard-fought, with both public and private institutions deserving recognition for getting the job done.
The state legislature has a chance to help spur future business growth this session. The Maine Department of Economic and Community Development has developed Dirigo Business Incentives over the past couple of years as a replacement for the Pine Tree Development Zone Program, scheduled to end this year. The planning process for Dirigo Business Incentives focused on collaboration with legislators, businesses and other stakeholders in an effort to create a robust solution.
The program helps encourage business development in two ways. First, it offers a 15% capital investment tax credit that can be used for expenses like new facility construction or adding a new manufacturing line.
Second, Dirigo Business Incentives provides for a worker training tax credit of $2,000. Sending employees to a welding class or forklift training, for instance, is beneficial for both employees and the business.
Including Dirigo Business Incentives in the state budget is a crucial part of what will drive the Maine economy forward in the years to come.
Helping our businesses increase capacity and invest in their workers will enable them to successfully compete against companies nationally and boost the Maine economy.
Carl Sheline, Lewiston mayor
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