If 2023 is to develop into a yr of financial development in Maine, the state’s financial leaders want each instrument of their toolbox. No matter could be carried out to convey companies and jobs to the Pine Tree State ought to be carried out.
As the pinnacle of FirstPark, certainly one of Maine’s main enterprise parks, I work to open our doorways to corporations trying to relocate or develop in central Maine. In current months, we now have attracted an info expertise and cyber safety agency and a high-tech manufacturing firm supplying quite a lot of precision elements to the aerospace and fuel turbine engine industries.
One of the essential instruments in my toolbox is the Pine Tree Growth Zone Program (PTDZ). Created by the Maine State Legislature in 2003, PTDZ provides state revenue tax credit and gross sales tax exemptions to native companies that create jobs with higher-than-average wages in sure industries. This system is presently up for renewal, with Maine policymakers debating whether or not or to not proceed supporting corporations with such credit and exemptions.
PTDZ wants to stay a staple for financial improvement in Maine. We have to proceed rewarding employers who create good-paying jobs for workers. Similar to in 2018, when the legislature prolonged PTDZ, policymakers ought to make enterprise attraction and retention a high precedence now. Enterprise parks like FirstPark, for instance, leverage this system to court docket new prospects and get offers throughout the end line. In some ways, PTDZ is the “hammer” in our toolbox, persuading corporations that will in any other case stay on the fence or reject Maine altogether to decide on us as an alternative.
PTDZ’s opponents could also be well-intentioned, however they’re additionally shortsighted of their opposition, and the enterprise neighborhood is on discover. Few viable options, if any, have been urged to exchange this system, so eradicating it might depart a gaping gap in Maine’s broader financial development agenda. Taking out this system will put Maine financial improvement at a aggressive drawback to neighboring states and past the Northeast area.
When reconsidering financial improvement packages, Mainers at all times want to contemplate the options, in the identical approach that enterprise house owners weigh the options when selecting whether or not to work in Maine or not. States like Maine are in a relentless state of competitors for good-paying jobs and alternatives for profession development. Within the Northeast and different components of the nation, there are many states with sturdy financial improvement packages that make them extra enticing locations for private-sector entrepreneurship and innovation. Southern states like Georgia, Kentucky, North Carolina, South Carolina, Tennessee and Virginia are well-known as rising enterprise hubs.
As Mainers, will we wish to slip behind our opponents? Or will we wish to win the race for financial development? The reply is obvious: Maine can and will place itself because the nationwide chief for brand spanking new financial improvement this yr — not sooner or later, however now.
There’s no cause to not promote our state. From lovely surroundings and thrilling outside actions to vibrant city facilities and world-class hospitality, Maine offers employers and staff with a variety of advantages. The state can also be extraordinarily well-connected, with FirstPark and different enterprise locations situated in shut proximity to airports, bus and practice stations, and the interstate freeway system. That’s how we put our “can-do” spirit into observe.
Because the Pine Tree Growth Zone debate continues, there are actually two choices: Financial slippage or financial development — sturdy development in 2023 and past. I do know the place I stand. Maine policymakers ought to do the suitable factor, lengthen the PTDZ program, and assist energy the Pine Tree State right into a brighter future.
Jim Dinkle serves as government director of FirstPark in Oakland.
« Earlier
Subsequent »
Associated Tales
Invalid username/password.
Please examine your e mail to substantiate and full your registration.
Use the shape under to reset your password. If you’ve submitted your account e mail, we are going to ship an e mail with a reset code.