Employment Tax Increment Financing (ETIF)Employment Tax Increment Financing assists in the financing of business investment projects that create at least 5 net new, high quality jobs in Maine. An ETIF-approved business may be reimbursed 30, 50 or 75 percent (80% in Pine Tree Zones) of the state income tax withholdings from the net new payroll for up to ten years.
The amount of annual payment is based upon the actual number of qualified employees above the company's base level of employment. The company may not be reimbursed from ETIF for any period of time when employment, income and/or employee benefits fail to meet the minimum qualification criteria. (Please note that ETIF cannot be taken concurrently with the Jobs & Investment Tax Credit.)
Eligible businesses include any business that hires a minimum of 5 net new employees within a two year period, where those employees are: 1) paid an income that exceeds the per capita income in the county of employment; 2) provided access to group health insurance, and; 3) provided access to an ERISA-qualified retirement program.