SUMMARY

This bill establishes the Pine Tree Development Zone program within the Department of Economic and Community Development and authorizes qualified businesses in the manufacturing, technology and financial services sectors to receive the following benefits for a period of 10 years as a result of their operations established within the zones:

1. Financing assistance equal to 100% of the tax paid on real property improvements;

2. Exemption of personal property from taxation;

3. Employment tax increment financing equal to 100% of qualified employees' state income tax withholdings for a period of 10 years; and

4. A tax credit equal to 100% of the state income tax due and attributable to operations within the zones for each of the first 5 years, followed by a credit equal to 50% of the state income tax due and attributable to operations within the zones for the 6th through the 10th years.