A foreign trade zone is an authorized area, considered outside of U.S. Customs territory, but under Customs supervision. Foreign merchandise transported into a zone is considered in international commerce which delays formal Customs entry procedures and payment of duties until the merchandise enters a U.S. Customs territory for domestic consumption.
Therefore, distribution and processing can be conducted within the protective environment of a U. S. foreign trade zone with resulting savings in duty costs, cash-flow schedules, and import/export paper work. The BanAir Corporation, operator of Bangor Foreign Trade Zone #58 offers a full range of services for zone users from loading/unloading manpower and equipment to clerical services.
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:
All Pine Tree Development Zone benefits can be "layered" over other available benefits. For example, Aroostook County is home to a federally-designated, Rural Empowerment Zone, entitling companies to federal tax credits up to $3,000 per employee. The federal tax credits can be taken in addition to the State tax credits for businesses located both in the Empowerment Zone and the Pine Tree Zone. And Lewiston has several inner-city parcels federally-designated as an Enterprise Community with associated benefits.
Eligible Businesses. Eligible businesses include firms engaged in manufacturing, financial services, and Maine's seven targeted technology sectors: biotechnology, aquaculture and marine technology, composite materials technology, environmental technology, advanced technologies for forestry and agriculture, information technology and precision manufacturing technology.