Please do not leave this page until complete. This can take a few moments.
Local economic development and business leaders in the Washington County towns of Baileyville, Calais, Whiting, Dennysville, Pembroke, Baring and Meddybemps are eager to take advantage of being placed in a federally designated Opportunity Zone program under the Tax Cuts and Jobs Act of 2017.
The Quoddy Tides reported that Sunrise County Economic Council Executive Director Charles Rudelitch said the new program will be especially powerful for real estate investments. He expects it will be most likely used for building renovations, new buildings and expansions.
"It has the potential to give us that edge to attract investment,” said Julie Jordan, executive director of Downeast Economic Development Corp.
“When dealing with capital investments in the millions of dollars, having this in place is certainly a large consideration of where ownership will invest when evaluating the overall project's financial returns,” Scott Beal, spokesman for Woodland Pulp in Baileyville, told the biweekly newspaper. Woodland Pulp, a major Washington County economic engine employing about 310 people, filed an application with the Maine Department of Environmental Protection May 15 for two more tissue machines.
According to a news release from the U.S. Department of Treasury, the Tax Cuts and Jobs Act created Opportunity Zones to spur investment in distressed communities throughout the country. New investments in the zones can receive preferential tax treatment. Maine was one of 18 states to receive designations.
Qualified zones retain the designation for 10 years. Investors can defer tax on any prior gains until no later than Dec. 31, 2026, so long as the gain is reinvested in a “Qualified Opportunity Fund,” an investment vehicle organized to make investments in the zones.
In late May, Gov. Paul R. LePage named 32 low-income census tracts within Maine — the maximum allowed — to participate in the federal Opportunity Zones program.
The Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Learn MoreWork for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Learn MoreFew people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
Comments