TAX INCENTIVE PROGRAM
Provided by the Town of Altona
Commercial/Industrial Growth Tax Incentive Program
September 30th, 2019 – The Town of Altona and Municipality of Rhineland are pleased to announce their most recent collaboration – a Commercial/Industrial Incentive Program.
Both the Town of Altona Council, and the Municipality of Rhineland Council have recently passed by-laws to enact new financial assistance programs for commercial and industrial construction. These by-laws are aligned with one another in the spirit of regional collaboration, and are competitive to help attract businesses to the region.
When asked about the program, Mayor Al Friesen of the Town of Altona said: “Our council feels this is another, and the next step, in establishing a stronger, more unified economic relationship with Rhineland Municipality, and just as importantly, an effective, consistent way for SEED to market our region for business establishment and growth.”
Reeve Don Wiebe of Rhineland Municipality stated: “The Rhineland Council endorsed the concept of a common business tax incentive plan across the region. For Rhineland this also includes Plum Coulee, Gretna and Rosenfeld. We believe that this will be part of an effective marketing strategy designed to promote economic development across the region."
As per both by-laws, any new Municipal Taxes which result from an increase in the assessed value of a property due to new construction of a commercial or industrial building, or a substantial building addition or expansion of more than 25% of the original assessed value of the property will be eligible for an incentive for a period of three full years. The incentive for all three years of the program shall be calculated to equal 100% of the municipal taxes, derived by applying the municipal tax rate to year 1 supplementary building assessment.
“The first three years of operation for business start-up or expansion are often referred to as the “survival years”. This tax incentive program will give businesses the access to revenue when they need it the most.” –Stephanie Harris, Economic Development Officer, SEED
This program came about after a recommendation from Supporting Entrepreneurs through Economic Development (SEED), and was a natural progression for both councils, to allow SEED to market the region fairly, and create a more business friendly environment.
Stephanie Harris says: “SEED commends Altona and Rhineland Councils for implementing a tax incentive program that is aligned, competitive and streamlines what is already a complex process. This tax incentive will help SEED to react quickly to entrepreneurs who are looking to our region as a location for their business start-up, expansion or relocation.”
Below is a copy of both by-laws. For further information contact SEED.