Alberta changing rules to help municipalities attract business with tax breaks
Posted June 5, 2019 6:17 am.
Last Updated November 28, 2019 11:41 am.
EDMONTON – Alberta has introduced legislation that would give municipalities more flexibility to offer business tax breaks.
The bill, introduced by Municipal Affairs Minister Kaycee Madu, would allow councils to offer multi-year tax exemptions, reductions or deferrals on non-residential properties.
Today in #shpk I announced Bill 7 – the Municipal Government (Property Tax Incentives) Amendment Act – which would give Alberta municipalities the longest and most competitive tax incentive timelines in North America. https://t.co/awZmBEOaAU #ableg pic.twitter.com/OnMlsByTLO
— Kaycee Madu, KC, ECA (@KayceeMaduYEG) June 4, 2019
Under current law, councils have little room to manoeuvre on tax forgiveness and can only provide tax relief in cases of hardship.
The new bill proposes letting municipal councils design their own tax programs to fit the businesses they are trying to attract.
The tax plans could last for up to 15 years.
More flexibility for #yyccc is always a good thing. Hopefully, #Bill7 allows us to do more to help small businesses.
I look forward to more details and to a meaningful discussion with the provincial government on what this means for our city.https://t.co/mJB7Ib8vt3
— Naheed Nenshi (@nenshi) June 4, 2019
Madu says the changes will give municipalities wide latitude to establish tax exemptions to attract investment.
** A previous publication of this article showed an incorrect image of minister Madu. We apologize for the error and have corrected it. Nov. 28, 2019.
