A number of business incentives, education and training programs are offered by MRRA, the Midcoast communities and the State of Maine for businesses locating to Brunswick Landing. And with several educational facilities right outside your door, you will also have access to a highly skilled and qualified work force and several customizable training resources.
New Market Tax Credits (NMTC)
A federal program that benefits companies locating to Brunswick Landing. In fact, MRRA built a brand new, state-of-the-art 80,000 SF manufacturing facility for Mölnlycke Health Care using the New Markets Tax Credits program. A business is only required to pay 70 percent of loans that are funded by NMTC investors. More about NMTCs
Maine New Markets Capital Investment Program
This program provides refundable state tax credits of up to 39% to investors in qualified community development entities (CDEs) that reinvest in certain businesses in eligible low-income communities in Maine. The program is modeled after the federal New Markets Tax Credit Program, and is administered by the Finance Authority of Maine, in cooperation with Maine Revenue Services and the Maine Department of Economic and Community Development. Learn more about Maine New Markets Capital Investment Program
Pine Tree Development Zones (PTZ)
Tax rebate and reimbursement program offered by the State of Maine. Redevelopment in the PTZ reduces the tax burden for qualified businesses through a variety of exemptions, reimbursements, and credits:
- Corporate Income Tax Exemption – Qualified companies will receive a 100% Maine State corporate income tax exemption for years 1-5 of their Maine based operation. Qualified companies will receive a 50% Maine State corporate income tax exemption for years 6-10 of their Maine based operation.
- Sales Tax Exemption – Qualified companies will receive a 100% State of Maine sales tax exemption on all equipment and building supplies for years 1-10 of their Maine based operation.
- Employment Tax Increment Financing – Qualified companies will be reimbursed 80% of a qualified employees’ personal state income tax obligation. For example, if an employee’s State personal income tax obligation for a year is $2,000, the State will return $1,600 to the company. If a company has ten similar employees, the company will receive $16,000. If a company has 100 similar employees, the company will receive $100,000. The company receives this benefit every year for 10 years.
Military Redevelopment Zones
The Military Redevelopment Zone (MRZ) was created in 2006 in preparation for the 2011 closure of the Naval Air Station Brunswick (NASB) and the development of Brunswick Landing: Maine’s Center for Innovation and the Topsham Commerce Park. Businesses will have the opportunity to greatly reduce or virtually eliminate state taxes for up to ten years.
More about Military Redevelopment Zones
MRRA Growth Fund Loan Program
MRRA maintains a flexible revolving loan fund for the benefit of Brunswick Landing Tenants
- Purpose: The Program is designed to assist MRRA tenants with permanent working capital, leasehold improvement, equipment purchases and to enable tenants to leverage capital from other sources. Debt may be subordinated to commercial bank debt.
- Loan Amount: Up to $50,000
- Term: Maximum term is 5 yrs.
- Interest Rate: Below market
Maine Quality Centers Program
Through Southern Maine Community College’s Midcoast Campus at Brunswick Landing, businesses located at Brunswick Landing can qualify for free training and education for qualified new and expanding businesses. Under the Maine Quality Centers program, businesses – or consortia of small businesses – creating a minimum of eight new full-time jobs are eligible for customized recruitment, high-performance skills, or customized technical training. Learn More
Maine Apprenticeship Program
Maine works together with employers to cover the costs of customized, on-the-job training and classroom programs aimed at providing employees with professional credentials. Learn More
Brunswick Landing Business Incentives
Foreign Trade Zone
Brunswick Landing is a designated Foreign Trade Zone; (FTZ or zone) is a site within the United States that is legally considered outside of Customs territory for the purpose of duties, so goods may be brought into the site duty-free and without formal customs entry. More about FTZ
Brunswick Landing is a designated HUBZone. HUBZones provide qualified small business concerns Federal contracting preferences in historically underutilized business zones to increase employment opportunities and improve the local economy. More about HUBZones
Community Development Block Grants (CDBG)
Economic Development Program
The Economic Development Program provides gap funding in the form of grants and loans for communities to assist businesses in the creation/retention of jobs; at least 51% of those jobs must be taken by low and moderate-income persons. The maximum CDBG participation per job created or retained with EDP $30,000.
The Program provides a state grant to a municipality for direct business support for non-capital equipment, land and site improvements, rehabilitation (renovation and upgrade) or construction of commercial or industrial buildings, job training, working capital, and capital equipment in support of an identified business. – maximum grant award: $1,000,000.
The Town of Brunswick is eligible to apply for and receive State CDBG program funds.
All CDBG funded activities must meet one of three National Objectives of the program.
These objectives are:
- Benefit to low and moderate income persons;
- Prevention and elimination of slum and blight conditions; and
- Meeting community development needs having a particular urgency
Brunswick Landing Opportunity Zone
Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds that are dedicated to investing into Opportunity Zones, including at Brunswick Landing, which is located in a qualified Opportunity Zone census tract.