A Business Tax Incentive may be considered for new and expanding businesses, providing that they are non-competitive with existing commercial enterprises and are not home-based or mobile in nature.
A business will be considered non-competitive if it is not expected to cause a significant negative impact to business activities of existing commercial enterprises currently approved in the Town as demonstrated within the market analysis section of the business plan.
Interest in the incentive must be expressed in writing prior to the occupancy permit being issued, and supporting documentation in the form of a business plan and financial projections must also be submitted.
If approved, the business tax reduction will be phased in over a three-year period as follows:
Year 1: 75% reduction in business tax
Year 2: 50% reduction in business tax
Year 3: 25% reduction in business tax
Thereafter, the normal business tax rate applies.