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Tax Increment Financing (TIF)
Tax increment financing (TIF) is a finance vehicle available to Maine municipalities (cities, plantations, towns) and Unorganized Territories. These TIF-eligible entities propose and drive the creation and approval of local TIF districts.
The Municipal TIF Program allows eligible entities to capture and leverage new property taxes within a district and invest all or part of those taxes into approved activities and projects. The public purpose of the Municipal TIF Program is to:
- Provide new employment opportunities;
- Improve and broaden the tax base; and
- Improve the general economy of the State.
Each district and related development program requires approval of local legislative body. This may include a credit enhancement agreement (CEA) between the eligible entity and a company or developer. Following approval by council, town meeting or commissioners, DECD reviews district and development program for statutory compliance.
After Commissioner review and approval, TIF districts and development programs are in full effect. Management of districts and programs is the sole responsibility of eligible entities.
Forms and Instructions
Eligible entities seeking Commissioner approval before March 31, 2012 must submit complete applications on or before March 1, 2012.
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