Federal Empowerment Zone designation extended

    The Northern Maine Development Commission announced that the Aroostook County Empowerment Zone (ACEZ) designation has been extended through the end of 2011. The extension was included in the Middle Class Tax Relief Act (H.R. 4853), approved by congress on Dec. 15, 2010. The extension is retroactive to Jan. 1, 2010.
    The ACEZ designation provides tax incentives for businesses within its boundaries that hire local residents, as well as increased deductions for qualifying depreciable property. A tax credit of up to $3,000 can be claimed for every ACEZ resident hired. The ACEZ does not include all communities in Aroostook but a list of communities and census tracts that are included can be found on the EZ website, www.aroostookez.com.
    “The extension of the Empowerment Zone is tremendous for the northern Maine business community and will provide significant positive impact to those employers who qualify for the tax incentives,” said Bob Clark, executive director of the Northern Maine Development Commission.
    Walt Elish, president of the Aroostook Partnership for Progress, agreed. He noted that, “In these uncertain economic times, any tax relief that local businesses can obtain to increase their bottom line is most welcome.”