Employment Tax Increment Financing
Employment Tax Increment Financing (ETIF) is a state program that helps new and established Maine businesses hire new employees by paying the business 1.35%-3.6% of qualified employee income up to ten years. The reimbursement rate rises with the level of local unemployment, with companies that are certified in the Pine Tree Development Zone program receiving the highest reimbursement rate (3.6%).
Grant Deadline
Deadline not available
Funding Amount
3% of salary
Type of Grant
Hiring
Sectors
All Sectors
Demographics
Incorporation
For Profit
Perks
Region Restriction
This grant is restricted to whole of United States
Keywords
hiring, sustainable employment, Real Estate, Increment Financing, Reimbursement
Age Restriction
This grant is age restricted from 18 to 100
Eligibility and Requirements
Your business will qualify for ETIF if it:
- Is a non-retail, non-public utility, for-profit business.
- Hires five or more net new, full-time, qualified employees within two calendar years of becoming ETIF-certified.
A qualified job is defined as one that:
- Provides a total income above the county average. Wages, bonuses, commissions, and employer payments toward benefits such as retirement and health insurance count towards the total income measure. Use the 2024 Income Guidelines (PDF) to determine annual income requirements. (The previous year's income guidelines can be found here: 2023 Income Guidelines (PDF))
- Includes access to a group health care plan.
- Includes access to group retirement benefits, subject to ERISA, such as a 401-K or pension plan.
Grant Application website
Contact
Contact
Phone:
1-800-872-3838 (local)
1-800-541-5872 (out of state)
Email:
Socials:
https://www.facebook.com/MaineDECD
https://www.linkedin.com/company/mainedecd/