A guide to help you understand the ins and outs of business in Maine
Maine is the most northeastern state in the country, sharing its land borders with the Canadian provinces of Quebec and New Brunswick and it's only US land border of New Hampshire. It is the 39th largest state, and has a population of 1.34 million people, ranking it as the 42nd most populous state. Maine’s capital is Augusta and its largest city is Portland. Maine’s GDP in 2019 was $67,717,000,000.
The biggest industries in Maine are advanced materials and composites, aerospace, food and beverage, forest products, and life sciences. Maine has the largest privately owned working forest in the continental US, with nearly 90% of the state being forested. The state had 12.3 million green tons were harvested in 2017. Maine is also a leading supplier in Maine lobster and blueberries; each year Main produces approximately 100 million pounds of each.
In 2019, Maine imported $17,073,018 of mineral fuel, mineral wax, bitumen substances from Qatar. In 2019, Maine exported $352,234 to Qatar with its top exports being: Electric machinery, sound/tv equipment Plastics and articles thereof Miscellaneous chemical products
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There is a corporate income tax for all entities organized as a corporation and that have sources of income in Maine. The corporate income tax rate is graduated, starting at 3.5% for up to $350,000 in income to 8.93% for income that surpasses $3.5 million. With 12 loan programs, 11 tax credits, 9 grants, 3 preferential rates, and 3 tax refunds available, Maine offers 38 incentive programs. The state also has four free trade zones: Bangor, Madawaska, Belfast and Portland.