30-A §5250-S. Exceptions for manufacturing businesses
Title 30-A: MUNICIPALITIES AND COUNTIES HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
Part 2: MUNICIPALITIES HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
Subpart 8: DEVELOPMENT HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
Chapter 206: DEVELOPMENT DISTRICTS (HEADING: PL 2001, C. 669, §1 (NEW))
Subchapter 6: PINE TREE DEVELOPMENT ZONE EXCEPTIONS
§5250-S. Exceptions for manufacturing businesses
1. Expansion by manufacturing business. The commissioner may certify a business that does not otherwise qualify as a qualified Pine Tree Development Zone business pursuant to section 5250-I, subsection 17 or that does not locate in a Pine Tree Development Zone as qualified to receive Pine Tree Development Zone benefits if the business:
A. Is a for-profit business that has been engaged in the business of manufacturing in the State for at least 3 years; [2007, c. 240, Pt. QQQQ, §1 (NEW).]
B. Makes a written commitment to expand its business at one of its current locations in the State by adding at the location of expansion a minimum of 4 net new, full-time employees for whom a retirement program subject to the federal Employee Retirement Income Security Act of 1974, 29 United States Code, Sections 1001 to 1461, as amended, and group health coverage are provided and whose income derived from employment at the business's location of expansion, calculated on a calendar-year basis, is greater than the most recent annual per capita personal income in the county in which the employee is employed; and [2007, c. 468, §1 (AMD).]
C. Makes a written commitment to invest a minimum of $225,000 in its expansion at one of its current locations. [2007, c. 468, §2 (AMD).]
[ 2007, c. 468, §§1, 2 (AMD) .]
2. Application for tax benefits. A manufacturing business may apply to the commissioner for certification to receive Pine Tree Development Zone benefits pursuant to subsection 1. An application must include, but is not limited to, a detailed narrative description of the manufacturing business's plans for expansion and goals for achieving the requirements listed under subsection 1 and a description of resources to be committed at the location of expansion, including a related timeline for achieving these goals. Upon review and determination by the commissioner that the business satisfies the criteria under subsection 1, the commissioner shall issue a certificate to the manufacturing business for qualification for Pine Tree Development Zone benefits.
[ 2007, c. 240, Pt. QQQQ, §1 (NEW) .]
3. Sunset. Applications for Pine Tree Development Zone benefits under this subchapter must be received by the commissioner by December 1, 2009.
[ 2007, c. 240, Pt. QQQQ, §1 (NEW) .]
SECTION HISTORY
2007, c. 240, Pt. QQQQ, §1 (NEW). 2007, c. 468, §§1, 2 (AMD).