The Town of South Berwick currently has one Tax Increment Financing (TIF) District, known as Punkin Town. On December 27, 2022, the Town Council approved this District's second amendment, for a more comprehensive development program that allows the Town more flexibility in funding projects related to economic development, yet are more geared to assisting the Town achieve its goals for municipal infrastructure improvements, sidewalks and connectivity, downtown facade improvements, and so much more. In addition, on December 27, 2022 - the Town Council approved a new Transit-Oriented TIF District. Both the Punkin Town amendment and the Transit-Oriented TIF District are now before the Maine Department of Economic and Community Development (Maine DECD) office for state approval. It is anticipated that the approval will be made by March 2023.