Maine 2020 Revenue Lost to Tax Abatement Programs
Click on the name of a program for more details.
|Program Name||Program Type||Revenue Loss|
|Pine Tree Development Zone Tax Credit||Job creation; Capital investment||$2,779,119|
|Employment Tax Increment Financing (TIF)||Job creation||$12,741,278|
|New Markets Capital Investment Tax Credit||Capital investment||$13,396,078|
|TABULATED STATE-LEVEL TOTAL||$28,916,475|
Tabulated localities and districts
Click on the name of jurisdiction for a list of tax abatement programs that reduced its tax revenue.
For Maine, the estimated reporting rate is as follows:
Cities/counties: 20 out of 37 CAFRs or financial statements we examined provided information on tax abatement programs in accordance with GASB Statement No.77.
School districts: 0 out of 57 CAFRs or financial statements we examined provided information on tax abatement programs in accordance with GASB Statement No.77.
Concerned about the lack of disclosure? Check out the roadmap on GASB 77 compliance we created for ME. You can also get a CSV file of the localities in ME that did not make any tax abatement disclosures in their annual financial reports.
Why is there little or no reporting from school districts?: Maine is a New England state: Local school districts do not produce financial audits (only the few regionalized ones do).
The state does not post local financial audits in an online repository.