Bangor Foreign Trade Zone #58

• Land and store imports without Customs duties or bonds.
• Round-the-clock security for your goods.
• Process your goods to obtain lower duties or freight charges.
• Duty due on imported product or the imported components, whichever is lower.
• Manufacture your goods using foreign and domestic components.
• Customs savings. Re-label or remark merchandise in the Zone, avoiding fines on improperly marked goods. Withdraw a sample to learn how Customs rates your product.
• Duty savings earned by: discarding substandard goods, impurities, waste; not paying for shrinkage, evaporation, seepage, etc.; manipulating your products - duty may be lower if your merchandise is disassembled or changed before entry.
• Capital savings - Duties not paid until your goods are sold. If you re-export, your money is not ties up with drawbacks.
• Overhead savings - BanAir will receive and store your merchandise, shipping it according to your instructions.
• Import quotas do not apply in the Zone. You may import and hold goods in the Zone until the next quota period.
• Sampling is possible before paying duty. Buyers can inspect your goods stored in the Zone.
• Warehouse receipts are issued on requests so you can borrow on your goods in the Zone.
• You may sell your goods in the Zone before paying duty or excise tax.
• You can change your mind. If the U.S. market is not receptive, ship your goods elsewhere.
• Stockpile ships stores, aircraft supplies, etc. at the Zone for use aboard ships or aircraft engaged in foreign service.
• No time limit. Storage may await best market conditions.
• Immediate recovery of drawbacks on goods entered in the Zone for subsequent export.

Tax incentives to spur economic development in targeted areas of the state where unemployment is relatively high, and wages are relatively low.

In addition to existing incentive programs, such as business equipment tax reimbursement, job training, and financing programs, effective January 1, 2004, qualified new and expanding businesses have access to:

• An enhanced ETIF (Employment Tax Increment Financing) program that returns a company 80% of the state income tax withholdings of 5 or more net new qualified employees for up to ten years;
• A 100% refund of corporate income tax and insurance premium tax for years one through five, and 50% for years six through ten;
• A local option TIF (Tax Increment Financing) that may return some or all of the new property taxes to a company and will not be counted against a municipality's existing TIF area and value caps;
• (Effective Fall 2004) Reduced electricity rates, as requested by Central Maine Power Company, Bangor Hydro Company and Maine Public Service Company, and approved by the Public Utilities Commission; and
• (Effective July 1, 2005) A 100% sales and use tax exemption for zone-related construction materials and equipment purchases.