Maine papermakers are top beneficiaries of BETR program
Maine’s paper makers in 2015 received many of the biggest payments from a program that gives tax breaks for equipment and facilities, the Bangor Daily News reported.
The state has allowed businesses to recover property taxes paid on certain equipment and facilities put in service roughly between 1995 and 2007. About 1,400 companies tapped that reimbursement program in the last year. Among the top ones were papermakers such as Verso, Lincoln Paper and Tissue and Sappi.
The state makes the payments through the Business Equipment Tax Reimbursement program, or BETR. Payments from BETR totaled about $33.3 million, or around 1% of the state’s annual budget, during the state’s fiscal year ended June 2015.
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